The National Bank forecasts that inflation in Ukraine will accelerate to 9.4% by the end of the year

Inflationary pressure will intensify in the second half of 2026 due to rising business costs caused by earlier increases in energy prices. 

This was reported by Ukrinform, citing a statement by Andriy Pyshnyy, Governor of the National Bank of Ukraine. According to him, rising fuel costs will affect prices of goods and services both directly and through secondary effects with a certain time lag.

The regulator expects a return to a steady decline in price growth as early as 2027. This should be facilitated by a gradual increase in crop yields, an improvement in the energy sector, a reduction in external price pressures, and the waning effect of high energy costs. Monetary policy measures implemented by the NBU to stabilize the financial market will also play a significant role.

According to the National Bank’s forecasts, the inflation rate is expected to slow to 6.5% by the end of 2027. Moving forward, as early as 2028, the regulator plans to reach a target level of 5%. Currently, the agency is focused on containing price pressures arising from Russia’s aggression and the disruption of logistics and production chains. The situation requires careful monitoring to adjust economic forecasts in real time.

Europe is facing a new wave of inflation amid rising energy prices caused by the escalating situation in the Middle East. In April, inflation rates in Germany and Spain exceeded analysts’ expectations and reached their highest levels in a long time.

Global oil prices are showing steady growth on Wednesday, April 29, 2026, due to the escalation in the Middle East and uncertainty regarding future supplies. The price of June Brent futures on the London ICE exchange rose by nearly 3% to $114.57 per barrel.