FX.co ★ Ukraine Inflation Rises to 1-Year High

Ukraine’s annual inflation rate accelerated to 11% in October 2026, up from 10% in September and marking the highest level in more than a year. The increase was in line with guidance from the National Bank of Ukraine, which has reintroduced an aggressive interest rate hiking cycle in an effort to curb aggregate demand amid severe disruptions to supply chains and logistics caused by Russian attacks.

Transportation costs rose sharply by 30.1%, driven by a 53.9% surge in fuel and lubricants, largely reflecting Russian strikes on Ukrainian refineries and fuel infrastructure. Prices in the restaurants and hotels category also climbed significantly, by 19.8%.

Although elevated by historical standards, overall inflation remained below the rates recorded for key components of the consumer basket, including food and non-alcoholic beverages (9.3%) and housing and utilities (7.4%). On a monthly basis, consumer prices in Ukraine increased by 1.8%.