Inflation falling somewhat faster than NBU forecast, but inflation expectations remain elevated

Inflation is falling somewhat faster than the National Bank of Ukraine (NBU) forecast, but inflation expectations remain elevated.

This is stated in the NBU report, Ukrainian News Agency reports.

It is noted that in November, both consumer and core inflation slowed down to 9.3% in annual terms.

Both indicators were slightly lower than the trajectory of the NBU forecast (Inflation Report, October 2025).

Such price dynamics were primarily due to an increase in the supply of food products due to the arrival of new crops.

Despite the steady slowdown in inflation, which has been ongoing since June, inflation expectations of economic agents remained elevated.

Data on Internet search queries also indicated a further increase in the population's attention to the topic of inflation.

A gradual decrease in inflation is expected in the coming months.

The effects of the arrival of new crops will contribute to a further slowdown in food price growth.

At the same time, the NBU's measures to maintain interest in hryvnia assets and stability in the foreign exchange market will restrain fundamental price pressure.

As a result, consumer inflation is expected to continue to decline, but at a more moderate pace than in previous periods, taking into account the exhaustion of base effects.

As Ukrainian News Agency earlier reported, in October, the National Bank improved its inflation forecast from 9.7% to 9.2% in 2025.

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