The National Bank warned of a possible rise in inflation and cited the reason

The National Bank of Ukraine warns that the rate of consumer price inflation may accelerate beyond the levels expected at the beginning of the year. 

During a briefing, NBU Governor Andriy Pyshnyy noted that the main destabilizing factor has been the significant rise in prices for petroleum products and gas on global markets, according to Ukrinform. While Russia is attempting to exploit energy instability for its own purposes, the war in the Middle East is already directly affecting prices at Ukrainian gas stations and logistics costs.

According to official data from the regulator, annual inflation accelerated slightly to 7.6% in February, while core inflation stabilized at 7.0%. Although prices for processed goods rose more slowly than expected, the cost of raw materials and fuel exceeded the National Bank’s January estimates. The situation was complicated by a noticeable deterioration in the public’s inflation expectations, triggered by difficulties in the power grid at the beginning of the year and rising prices for everyday goods.

Despite negative external factors, the NBU notes an improvement in Ukraine’s energy sector over the past few weeks, which should somewhat ease price pressures in the future. The regulator plans to maintain tight monetary conditions to preserve the attractiveness of hryvnia-denominated assets and ensure the stability of the foreign exchange market. These steps are intended to calm the market and prevent uncontrolled price growth, despite the unstable situation on global energy markets.

Fuel prices continue to rise in Ukraine, mainly due to the consequences of the military operation against Iran. Diesel fuel prices are rising the fastest, as Europe actively imports it from the Middle East.

Germanyis drafting a law to regulate prices at gas stations and establish a strategic gas reserve.

As a reminder, Hungary is once again imposing price caps on gasoline and diesel. Prime Minister Viktor Orbán stated that the government made this decision due to the sharp rise in global fuel prices.

Sibiga called onthe EU to increase pressure on Russia due to rising energy prices.

As a reminder, starting March 20, Ukraine is introducing a new fuel purchase compensation program. Ukrainians will be able to receive partial cashback for refueling at gas stations that join the initiative.

Also, as of March 10, 2026, the largest gas station chains in Ukraine have not significantly changed fuel prices.