Inflation in Ukraine down from 26% to 5% last year – NBU

In 2023, inflation in Ukraine decreased from 26% to 5% while the nation’s economy showed growth.

That’s according to the National Bank Governor, Andriy Pishnyi, who spoke in an interview with We - Ukraine TV channel, Ukrinform reports.

"At (2023) year-start, inflation was 26%, the outlook of economic growth was 0%, amid colossal uncertainty and a record key policy rate. We are completing the year with growth at 5% and inflation at 5%," Pyshnyi said.

He also recalled that the NBU last year launched the process of lowering its key policy rate due to macroeconomic stability. However, the same risks for Ukraine’s economy that existed in 2023 remain in place.

"Risks to the rhythmical receipt of international financial aid remain as do risks to public finances because Ukraine finances a huge war budget," Pishnyi noted.

According to him, economic results obtained at the end of the year show that Ukraine is adapting to the situation, maintaining the dollar exchange rate, and keeping gold and foreign exchange reserves at a substantial level.

As reported earlier, Ukraine’s international reserves as of January 1, 2024, amounted to $40.5 billion, having risen by 42% in 2023.