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INTRODUCTION
Since 24 February 2022, the full-scale war across Ukraine has prompted mass displacement and an evolving humanitarian crisis1. Given the prominence of multipurpose cash as a modality for assistance, market monitoring is a key initiative to ensure humanitarian intervention is effective, sustainable and does not harm local markets.
Due to the ongoing war in Ukraine, humanitarian market data is limited and incomplete, especially from conflict-affected areas. The Joint Market Monitoring Initiative (JMMI) seeks to fill this information gap by providing useful and timely data on price trends and market functionality indicators.
Marketplaces across Ukraine are assessed on a monthly basis. In each location, field teams record prices and other market indicators through retailer and customer key informant (KI) interviews that characterize monthly changes in the local markets.
The goal of the JMMI is to track the availability and price of basic commodities on a monthly basis, assess people's access to cash and markets, and analysefunctionality of supply systems.
KEY FINDINGS
• After a long period of growth, annual inflation for goods and services in Ukraine witnessed a gradual decline in the second half of 2025, with the annual inflation rate reaching its lowest level for the year (+8%) in December. A key factor was the weak 2024 harvest followed by a stronger-than-anticipated harvest in 2025, which had a direct impact on food prices.
• By the end of 2025, the value of the JMMI basket had nearly returned to the level recorded in 2024. This was mainly due to a decrease in vegetable prices in local markets in December compared to June. The price of carrots fell by 400%, onions by 300%, cabbage by 170%, and potatoes by 143%.
• In the third quarter of 2025, market functionality showed its strongest condition of the year: access to financial services peaked, the proportion of retailer KIs facing operational risks was near its annual low, and customer KIs reported the highest levels of physical access to local markets and shops.
• During the fourth quarter of 2025, Ukraine's energy infrastructure suffered large-scale attacks and destruction. As a result, the share of retailer KIs that faced difficulties working during power outages amounted to 36%, the share of ATMs operating without restrictions decreased from 89% to 68%, and the availability of fuel for heating deteriorated in December.
• According to the National Bank's estimates, in 2025, economic growth in Ukraine (1.8%) was restrained due to the effects of the war.