Photo: pexels
Ukrainian companies anticipate a sharp increase in consumer prices over the next 12 months, forecasting inflation at 11.4%, nearly double the official projection of the National Bank of Ukraine (NBU). According to the central bank’s business survey, around 80% of company executives cite the ongoing war as the main driver of rising prices.
Currency fluctuations are also becoming a growing concern — 69.8% of respondents expect the hryvnia’s exchange rate volatility to further accelerate inflation, up from 67.3% in the second quarter of 2025. For the fifth consecutive quarter, businesses have also reported stronger expectations for global price growth.
At the same time, fewer executives see tax changes as a significant factor — only 22.6% identified them as a major source of inflationary pressure, compared with 26.5% in the previous quarter.
Earlier, the NBU noted that Ukraine’s economic growth has slowed, with the consequences of the full-scale war remaining the key factor constraining recovery.
