The National Bank of Ukraine reported that annual inflation accelerated to 10% in September 2026, with prices rising 2.1% month on month. Headline and core inflation exceeded the paths in its July 2026 Inflation Report, primarily because of intensified Russian attacks on production, storage and logistics infrastructure, rising fuel prices, and faster increases in nonfood and processed food prices. Fuel inflation surged to 46.2% as global petroleum price movements fed through to wholesale and retail markets. Core inflation rose to 8.8%, including processed food inflation of 10.7% and nonfood inflation of 2.4%, while services prices increased 13.7%. Raw food inflation reached 6.7% amid smaller harvests, declining inventories and higher transport and storage costs, while administered price inflation accelerated to 13.6% because of higher public transportation fares, water tariffs and alcoholic beverage prices. The central bank expects high fuel costs and damage to warehousing and logistics infrastructure, compounded by the wars in Ukraine and the Middle East, to sustain inflationary pressure in the coming months. These factors will feed into a revised macroeconomic forecast due with the NBU Board’s monetary policy decision on Oct. 29, 2026, followed by the detailed Inflation Report on Nov. 5.
National Bank of Ukraine reports inflation accelerated to 10% and exceeded its forecast amid infrastructure attacks and higher fuel prices
The National Bank of Ukraine reported that annual inflation accelerated to 10% in September 2026, above its July forecast, as Russian attacks disrupted production and logistics and fuel prices rose. Fuel inflation reached 46.2% and core inflation increased to 8.8%. The bank will incorporate the heightened pressures into its revised macroeconomic forecast on Oct. 29.