Inflation in Ukraine surged to 12% in 2024: find out which products saw the largest price increases.

Inflation in Ukraine decreased to 5.1% in 2023 after a spike to 26.6% the previous year, but by the end of 2024, it rose to 12.0%.

The State Statistics Service reported.

The agency reminded that in December 2023, consumer prices increased by 0.7%, resulting in an annual inflation rate of 12% by the end of December 2024, up from 11.2% in November, 9.7% in October, and 8.6% in September.

It was noted that in December 2024, core inflation rose to 1.3% from 1.2% in November, returning to the level of October. Given that in December 2023 it was zero, the annual core inflation for 2024 increased to 10.7% from 4.9% in 2023, while in 2022 it was 22.6%.

The National Bank of Ukraine revised its inflation forecast for 2024 at the end of October from 8.5% to 9.7%, and for 2025 from 6.6% to 6.9%.

The Ministry of Economy of Ukraine projected inflation for 2024 at 9.5% and expects it to remain at the same level for 2025.

In the consumer market in December compared to November of the previous year, prices for food products and non-alcoholic beverages rose by 1.8%. Prices for sunflower oil, milk and dairy products, vegetables, processed grain products, bread, beef, fish and fish products, pasta, and pork increased by 5.2–1%. Meanwhile, the prices for eggs decreased by 1.5%.

Prices for alcoholic beverages and tobacco products increased by 2%, including a 2.7% rise for tobacco products and a 1.2% increase for alcoholic beverages.

Clothing and footwear prices fell by 3.9%, with footwear decreasing by 4% and clothing by 3.9%.

According to the State Statistics Service, in December 2024, the increase in healthcare prices by 1.6% was primarily due to a 1.8% rise in pharmaceutical products and a 1.6% increase in outpatient services.

Transportation prices rose by 0.5%, mainly due to a 2.1% increase in passenger transport fares.

The National Bank of Ukraine revised its inflation forecast for 2024 at the end of October from 8.5% to 9.7%, and for 2025 from 6.6% to 6.9%.

The Ministry of Economy of Ukraine projected inflation for 2024 at 9.5% and expects it to remain at the same level for 2025.

Background. Earlier, Mind reported that by the end of next year, the National Bank expects inflation to be around 7% and aims to achieve a target of 5% by 2026.