Inflation in Ukraine accelerated to 12% in 2024, exceeding forecasts made by the country's National Bank, Ukraine's statistics service Derzhstat announced on Jan. 10. The Ukrainian economy has undergone harsh conditions with the onset of Russia's full-scale invasion of Ukraine in 2022.

Ukraine's central bank raised the main interest rate to 14.5% to curb inflation, challenging economic recovery amid war with Russia. Inflation hit 12% in December, driven by rising costs and power shortages.

Ukraine's National Bank (NBU) announced on Jan. 23 that it will raise the key policy rate from 13.5% to 14.5% per annum starting from Jan. 24, 2025.

Alexandra Prokopenko is a Fellow at the Carnegie Russia Eurasia Center in Berlin. She worked at Russia’s central bank until early 2022.

DEEP DIVE — Nearly three years into its costly war against Ukraine, Russia’s economy is faltering under the strain of sanctions, inflation, and high borrowing costs. While Western hopes that the sanctions would bring economic collapse proved premature, the cumulative toll is now evident.

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Russia recorded in 2024 a budget deficit exceeding three trillion rubles for the third consecutive year, soaring to 3.49 trillion rubles ($34.39 billion), according to the country's finance ministry.

Inflation in Russia accelerated in 2024, official statistics published Wednesday showed, as the costs of Moscow's full-scale offensive on Ukraine weigh on the domestic economy. The Kremlin has ...

Vladimir Putin is growing distressed by challenges cropping up in the country's economy, which include high inflation and labor shortages, Reuters reported.

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Meanwhile, Trump’s pick for defense secretary, Pete Hegseth will face a test vote in the Senate that may indicate whether fresh allegations about this personal conduct that surfaced this week are enough to stop his confirmation.