Inflation accelerated to 7.6% - how much food and fuel prices increased
Kyiv • UNN
In February, consumer inflation rose to 7.6% year-on-year. Fuel, borscht vegetables, fruits, and mobile communication services saw the largest price increases.
Consumer inflation in Ukraine accelerated to 7.6% in February year-on-year from 7.4% in January, according to the State Statistics Service and the NBU, revealing, among other things, what is happening with food and fuel prices, writes UNN.
In February 2026, inflation accelerated to 7.6% year-on-year. On a monthly basis, prices increased by 1.0%
Details
As noted by the NBU, overall inflation was slightly higher than the National Bank's forecast, while core inflation was in line with the forecast.
The growth rates of fuel, services, and raw product prices exceeded forecast estimates, while the cost of processed products grew somewhat slower than expected, the National Bank indicated.
Food and service prices
"Annual growth rates of raw food prices accelerated to 9.6% y/y," the NBU noted.
In February, the growth of raw product prices accelerated year-on-year for the second consecutive month. This dynamic, as indicated, was primarily driven by the increase in the cost of cucumbers and tomatoes amid rising import product prices, borscht set vegetables, as well as an acceleration in the rate of fruit price increases, particularly bananas and citrus fruits. At the same time, the slowdown in pork and chicken price growth limited price pressure.
The growth of prices for processed food continued to slow down – to 9.9% y/y, particularly due to the further stabilization of dairy product prices due to increased competition from imports, as well as a slowdown in the rate of increase in sunflower oil and confectionery prices, the National Bank indicated.
Services inflation accelerated to 12.3% y/y. The main factor in this dynamic, as noted, is the increase in mobile communication services prices, particularly due to the difficult situation in the energy sector.
The decline in prices for non-food products (-0.4% y/y) continued.
Regulated prices
"The growth rates of administratively regulated prices slowed down – to 8.8% y/y," the NBU indicated.
The slowdown in administrative inflation in February, as noted, was primarily due to a decrease in the rate of increase in tobacco products and pharmaceutical products prices.
Fuel prices are soaring
"Fuel inflation rapidly accelerated – to 8.0% y/y," the NBU indicated.
This dynamic, according to the report, primarily reflected "the increase in European quotations due to increased geopolitical tensions and the effects of the weakening exchange rate of the hryvnia."
At the same time, prices for automotive gas (LPG) remained relatively stable throughout February, as indicated, "due to low demand and a surplus of fuel on the market, which partially offset the increase in import costs."
What will happen to prices next?
Inflation, as noted by the National Bank, remains moderate and close to the NBU's forecast.
"At the same time, the impact of pro-inflationary factors has intensified over the past month, particularly due to increased geopolitical tensions in the world and increased volatility of energy prices," the NBU indicated. "These and other factors that could potentially lead to a deviation of inflation from the forecast trajectory will be taken into account when making subsequent monetary policy decisions."