Inflation in Ukraine Accelerates to 1.7% in March, Annual Rate Reaches 7.9% – State Statistics Service

Consumer prices in Ukraine experienced a notable acceleration in March 2026, rising by 1.7% compared to 1% in February and 0.7% in January of the same year. This data was disclosed by the State Statistics Service (Derzhstat) on Thursday, emphasizing that these figures reflect a certain intensification of the economic situation in the country.

Derzhstat also pointed out that the increase in prices in March 2025 was also 1.7%, allowing for a year-on-year comparison. Consequently, the annual inflation rate for March this year rose to 7.9%, up from 7.6% in February and 7.4% in January. This indicates a gradual increase in inflationary pressure within Ukraine.

Furthermore, in March 2026, core inflation increased to 1.5%, up from 0.7% in February and 0.4% in January. Considering that core inflation in March 2025 was 1.4%, the annual figure for this March slightly rose to 7.1%, compared to 7% in both February and January. This suggests that inflationary processes continue to remain active.

It is noteworthy that inflation in Ukraine reached a record high of 26.6% during the first year of the full-scale Russian aggression. Subsequently, in 2023, it decreased to 5.1%. However, in 2024, inflation rose again to 12%, while in 2025, it was managed to be reduced to 8%. This decline in inflation was achieved, in part, due to the stringent monetary policy of the National Bank of Ukraine.

The National Bank of Ukraine (NBU) revised its inflation forecast for 2026 downwards at the end of January 2026, from 6.6% to 7.5%. Additionally, the forecast for 2027 was lowered from 5% to 6%. These changes in forecasts indicate that the economic situation in the country remains unstable, forcing the NBU to adjust its expectations in light of new economic realities.

Thus, the rise in inflation in Ukraine in March 2026 raises concerns among economists and analysts who are monitoring the development of the economic situation in the country. The increase in consumer prices could affect the purchasing power of the population and the overall standard of living, which is a crucial factor in the context of economic recovery following challenging times.