Inflation Ukraine 2023
Average inflation: 13.4%
Current Inflation
Inflation is very high at 13.4%, far above the ECB target.
Peak and Trough
The highest inflation was in January at 26.0%. The lowest inflation was in November at 5.1%.
- Highest month
- January: 26.0%
- Lowest month
- November: 5.1%
- Difference
- 20.9 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Food with an average of 15.6%. The lowest price increase was in Core inflation with an average of 4.8%.
- Highest increase
- Food: 15.6%
- Lowest increase
- Core inflation: 4.8%
Historical Context
Current inflation is 2.7% higher than the 5-year average of 10.7%.
- 5-year average
- 10.7%
- 10-year average
- 15.4%
- All-time high (2015)
- 48.5%
- All-time low (2013)
- -0.2%
Trend
Inflation shows an upward trend. Compared to 2022, inflation has risen by -6.7 percentage point.
- Change vs. previous year
- -6.7 percentage points
- Largest monthly swing
- December: -21.5 percentage points
ECB Target
Inflation is 11.4% above the ECB target of 2.0%. This means purchasing power is declining faster than intended.
Purchasing Power
At this high inflation rate, purchasing power rapidly decreases. This has a major impact on households, especially without adequate salary increases.
What you could buy for €100 this year will cost approximately €113.40 next year at this inflation rate.
Multi-year trend
Monthly figures 2023
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2022 |
|---|---|---|
| January | 26.0% | +16.0 |
| February | 24.9% | +14.2 |
| March | 21.3% | +7.6 |
| April | 17.9% | +1.5 |
| May | 15.4% | -2.6 |
| June | 12.8% | -8.7 |
| July | 11.3% | -10.9 |
| August | 8.6% | -15.2 |
| September | 7.1% | -17.5 |
| October | 5.3% | -21.3 |
| November | 5.1% | -21.4 |
| December | 5.1% | -21.5 |
| Average | 13.4% |
Data source
Data from WorldBank. Last updated: 06/01/2026.