NBU maintains the discount rate at 15.5%: what it means for inflation.

According to ТСН: National Bank of Ukraine kept the discount rate at 15.5%. This decision is motivated by inflationary risks, including those related to future international financing.

The regulator noted that inflation in Ukraine is decreasing faster than expected, however, forecasts regarding inflation expectations remain high.

Inflation Dynamics

In November, consumer and core inflation slowed to 9.3% year-on-year, slightly lowering these figures compared to forecasts. The NBU explains this dynamic by an increase in the supply of food products due to new harvests.

“Despite a sustained slowdown in inflation since June, the inflation expectations of economic agents remained elevated. Data from online search queries also indicated a growing public interest in the topic of inflation.”

Government Operations

The Government of Ukraine previously noted that the rates of price growth would gradually slow down, however, in 2026 inflation will remain at a fairly high level.

In conditions of global instability and certain internal challenges, the National Bank is forced to closely monitor the situation. The regulator's strategies aim to stabilize the economy and support the financial security of the country. Monitoring inflation dynamics and cooling down its expectations remain key for shaping further monetary policy.