National Bank of Ukraine expecting 10%-17% rise in 2025 harvest

MOSCOW. April 18 (Interfax) - The National Bank of Ukraine (NBU) expects to see a significant increase, by 10%-17%, in the 2025 harvest of grain, oil crops and vegetables.

"We expect an increase in the grain harvest by 12%, for oil crops by 10%, and for vegetables and potato by 17%," Ukrainian media quoted NBU Deputy Governor Sergei Nikolaichuk as saying at a press briefing.

Spring frosts and possible prolonged periods of drought may negatively impact the yield of certain crops and put some pressure on prices, Nikolaichuk said, adding that the NBU considers it as a risk.

However, there is currently no serious damage to crops from frosts, he said, citing the latest information from the Agrarian Policy and Food Ministry.

"Therefore, I'd like to repeat our estimate that a considerable slowing of food inflation in the second half of the year is a key contributor to an overall deceleration of the inflation rates in H2. This is actually our baseline scenario," Nikolaichuk said.

Following the considerable growth of prices for agricultural products in 2024, the potential for further price increases will be limited by relevant imports, even if negative risks become a reality, he said.

As previously reported, the 2025 sowing campaign is going 20.6% slower than last year's. Ukrainian farmers have sown more than 1 million hectares with spring grain and leguminous crops as of April 11, 2025.