Inflation in the eurozone in May 2026 accelerated to 3.2% year-on-year against 3.0% in April, according to Experts Club. data.
In the European Union as a whole, annual inflation amounted to 3.3%. The highest indicator among all EU countries was recorded in Romania — 9.7%. However, Romania is not part of the eurozone, therefore it is not taken into account in the ranking of the countries of the currency bloc.
Among the eurozone countries, Bulgaria became the anti-leader, where annual inflation in May reached 6.3%. Bulgaria joined the eurozone on January 1, 2026, and became the 21st country of the monetary union.
Second place in the eurozone was taken by Lithuania with inflation of 5.1%, third place — Greece with 5.0%. The lowest indicators among eurozone countries were recorded in Malta — 2.1%, Germany — 2.7%, and France — 2.8%.
Thus, in May two different rankings were formed. For the EU as a whole, the main anti-leader was Romania, which remains outside the eurozone. For the eurozone, Bulgaria became the leader in price growth.
Inflation anti-leaders in the EU in May 2026:
Romania — 9.7%
Bulgaria — 6.3%
Lithuania — 5.1%
Inflation anti-leaders in the eurozone in May 2026:
Bulgaria — 6.3%
Lithuania — 5.1%
Greece — 5.0%
According to the analytical center Experts Club, the difference between the EU ranking and the eurozone ranking is important for the correct interpretation of the data. The eurozone reflects the situation in countries with a single currency and the common monetary policy of the ECB, while the EU also includes countries with national currencies, including Romania, Poland, the Czech Republic, Hungary, Denmark and Sweden.
“Romania cannot be included in the eurozone ranking, but it also cannot be ignored. It is the main inflation anti-leader of the entire EU. For business, this means that inflation risks in Europe differ greatly not only between countries, but also between currency zones. In the eurozone, the most problematic case now is Bulgaria; in the EU as a whole — Romania,” said Maksym Urakin, founder of Experts Club.
The main contribution to eurozone inflation in May came from services, energy carriers, food products, alcohol and tobacco, as well as industrial goods excluding energy. Energy prices rose by 10.9% year-on-year, services became 3.5% more expensive, and food products, alcohol and tobacco — by 2.0%.
In January–May 2026, Ukraine increased its imports of aluminum and aluminum products by 20% compared to the same period last year, reaching $247.912 million.
In May, imports of aluminum and aluminum products amounted to $58.220 million.
At the same time, exports of aluminum and aluminum products in January–May of this year rose by 25.3% compared to the same period last year—to $72.393 million. In May, $18.641 million worth of aluminum was exported.
As reported, Ukraine increased imports of aluminum and aluminum products by 15.3% in 2025 compared to 2024, reaching $514.098 million. Exports of aluminum and aluminum products in 2025 rose by 22.9% to $152.919 million.
Aluminum is widely used as a structural material. The main advantages of aluminum are its lightness, formability, corrosion resistance, high thermal conductivity, and the non-toxicity of its compounds. In particular, these properties have made aluminum extremely popular in the production of cookware, aluminum foil in the food industry, and for packaging. The first three properties have made aluminum the primary raw material in the aviation and aerospace industries (though it has recently been replaced by composite materials, primarily carbon fiber). After construction and packaging production—aluminum cans and foil—the largest consumer of the metal is the energy sector.
For a more detailed overview of global aluminum production from 1970 to 2024, watch the video on the Experts Club YouTube channel.
In January–May of this year, Ukrainian companies increased imports of copper and copper products by 9.4% in monetary terms compared to the same period last year, reaching $85.297 million.
According to customs statistics released by the State Customs Service of Ukraine on Friday, exports of copper and copper products during the period increased by 1.3% to $39.247 million. In May, copper imports totaled $20.421 million, while exports amounted to $9.237 million.
As reported, in 2025, Ukrainian companies increased imports of copper and copper products by 23.2% in monetary terms compared to the previous year, reaching $173.453 million, while exports of copper and copper products rose by 17.7% to $103.848 million.
Copper is widely used in electrical engineering, in the production of pipes, for creating alloys, in medicine, and in other industries.
Earlier, the Experts Club information and analytical center released a video dedicated to global copper production and leading producing countries – https://youtube.com/shorts/_h8iU50z8C0?si=a-XkgGEfeUxseQNa
Artificial intelligence is moving from the realm of technological experimentation into the sphere of strict government regulation, notes the Experts Club information and analysis centre. The world’s leading economies are already dividing the market into two approaches: risk-based regulation with mandatory requirements, and a softer model where the state focuses on innovation, industry standards and ex-post control.
For Ukraine and other Eastern European countries, this issue is becoming increasingly relevant. AI is already being used in banking, telecommunications, defence technologies, medicine, education, public services, industry and the media. Therefore, the question is no longer whether artificial intelligence should be regulated, but how to avoid stifling innovation whilst protecting citizens, businesses and the state from risks.
The most developed legal framework has already been adopted in the European Union. The EU AI Act came into force on 1 August 2024 and is being implemented in phases. Its logic is based on risk classification: prohibited practices, high-risk AI systems, systems subject to transparency requirements, and general-purpose models. For countries targeting the EU market, this act effectively becomes an external standard, even if they are not members of the European Union.
South Korea became one of the first countries outside the EU to adopt a comprehensive national law on artificial intelligence. The AI Basic Act came into force in January 2026 and combines support for the AI industry with requirements for transparency, security, labelling of AI content and oversight of high-impact systems.
China has chosen a different path — not a single universal law, but a set of mandatory rules for specific sectors. The most important document has been the provisional measures for the management of generative AI services, in force since 2023. The Chinese model emphasises content control, data security, algorithm registration, verification of generative services, and compliance with the state’s political requirements.
In 2025, Japan adopted its first national law specifically dedicated to AI. However, the Japanese model is significantly softer than the European one: the law is primarily aimed at promoting research, development and the use of artificial intelligence, rather than imposing detailed bans and fines. This reflects Japan’s desire to maintain the competitiveness of its technology sector and avoid placing an excessive burden on business.
The US does not yet have a single federal law on artificial intelligence. Regulation is developing in a piecemeal fashion: through presidential executive orders, federal guidelines, NIST standards and individual state laws. The most notable example is the Colorado AI Act, which sets out obligations for developers and users of high-risk AI systems and aims to prevent algorithmic discrimination. At the federal level, the US is focusing on maintaining leadership, infrastructure, security and limiting excessive regulation.
The UK has opted for a ‘pro-innovation regulation’ model. Instead of a single AI law, London has proposed a set of principles for existing regulators: safety, transparency, fairness, accountability and the right to appeal decisions. This approach allows for faster adaptation to technological changes, but creates less legal certainty than the European model.
Canada attempted to pass the Artificial Intelligence and Data Act as part of Bill C-27, but the bill remained in the parliamentary process for a long time and did not become a fully-fledged law on AI. This shows that even developed democracies face difficulties: AI regulation simultaneously touches on digital rights, business, copyright, security, competition and the labour market.
Brazil is also in the process of creating comprehensive AI regulation. The Senate approved the artificial intelligence bill in December 2024, but for it to come into force, it must be considered by the Chamber of Deputies and receive final approval.
The Brazilian model is close to a risk-based approach, but also places a strong emphasis on human rights, copyright and developers’ liability.
Serbia is currently in the process of transitioning from a strategic framework to mandatory regulation. The country has already adopted strategic documents on AI development and set up a working group to draft its first law on artificial intelligence. The new law is intended to bring Serbia closer to the European model and provide businesses with clearer guidelines for working with AI systems.
For Ukraine, the issue of AI regulation is also becoming inevitable. On the one hand, the country needs technological modernisation as quickly as possible, particularly in the fields of defence tech, govtech, medicine, cybersecurity and education. On the other hand, integration into the EU market will require compliance with the EU AI Act, particularly for companies working with European clients or exporting digital products.
The main crossroads for countries that have not yet adopted legislation lies in choosing between three models. The first is the European model, with strict risk classification and a high level of compliance. The second is the British-Japanese model, with soft regulation and an emphasis on innovation. The third is the Chinese model, with strong state control over content, data and algorithms.
For Eastern Europe, a hybrid model is the most likely outcome. Countries involved in European integration or the export of IT services to the EU will be obliged to take the EU AI Act into account. However, due to the limited resources of regulators, they are likely to introduce regulations in stages, starting with sensitive sectors: public services, biometrics, healthcare, finance, education, employment and critical infrastructure.
Experts Club believes that AI regulation will become one of the key factors in the investment attractiveness of digital economies. Companies will choose jurisdictions where the rules are sufficiently clear for business but do not create excessive barriers to the development and testing of new products.
For Ukraine, it is important not simply to copy the EU AI Act, but to adapt it to its own capabilities. The optimal model should include a register of high-risk AI systems, regulatory sandboxes, transparency requirements for public services, personal data protection, labelling of synthetic content, and clear liability rules.
In the coming years, artificial intelligence will become as regulated an infrastructure as finance, telecommunications or energy. Countries that establish clear and flexible rules first will gain an advantage in attracting investment, developing start-ups and exporting digital services.
Ukrainian steelmakers reduced pig iron production by 0.6% in January–May of this year compared to the same period last year, down to 2.990 million tons.
According to data from the Ukrmetallurgprom association, 634,400 tons of pig iron were produced in May, 554,000 tons in April, 690,200 tons in March, in February—561,900 tons, and in January—549,900 tons.
As reported, Ukraine’s metallurgical enterprises increased pig iron production by 11.2% in 2025—to 7.884 million tons.
In 2024, Ukraine increased pig iron production by 18.1% compared to 2023—to 7.090 million tons. In 2023, pig iron production decreased by 6.1% to 6.003 million tons, and in 2022, by 69.8% to 6.391 million tons.
In 2021, before the war, 21.165 million tons of pig iron were produced, or 103.6% of the 2020 level.
The Experts Club Information and Analytical Center recently presented a video analysis of the top 20 steel-producing countries – https://youtube.com/shorts/j7Yev2HCS4o?si=lfmGJ5jrx8036z1U
EXPERTS CLUB, METALLURGY, PIG IRON, PRODUCTION, UKRMETALLURGPROM
The Experts Club analytical center assesses the situation in Ukraine’s warehouse real estate market in 2026 as a transition phase from post-shock recovery to a new growth cycle, in which the main constraints are not demand but a shortage of high-quality space, high construction costs, and security risks.
Following a sharp decline in 2022, when a significant portion of the Kyiv region’s warehouse infrastructure was damaged or destroyed, the market gradually resumed activity in 2023–2025. The most notable recovery occurred in the Kyiv region and in western Ukraine, primarily in the Lviv region.
By the end of 2025, the Kyiv warehouse market had shown the highest level of activity in the past decade. Gross absorption of warehouse space reached approximately 217,000 sq. m, which is 30% more than the previous year. New supply amounted to approximately 216,000 sq. m, and total supply effectively returned to pre-war levels—about 1.57 million sq. m.
Vacancy rates in the Kyiv market remained very low—around 3.5%. This means that despite the introduction of a significant volume of new space, the market is quickly absorbing it. For tenants, this creates a challenge in finding large, high-quality spaces, especially those exceeding 5,000–10,000 sq. m. For developers and property owners, however, this creates conditions for a gradual increase in rental rates and the launch of new projects.
In 2026, Experts Club expects more balanced dynamics. Following a record-breaking 2025, the volume of new supply in the Kyiv region may decline to approximately 90,000 sq. m. This means that the increase in supply will be significantly lower than last year, while demand from key tenant groups will remain steady.
The main drivers of demand remain retail, e-commerce, 3PL operators, the pharmaceutical sector, distributors, FMCG companies, and businesses that are restructuring their logistics to adapt to wartime conditions. Within the demand structure, the role of companies requiring not just “bare-bones warehouses” but modern Class A and B facilities with energy efficiency, autonomy, enhanced security, docking infrastructure, temperature control capabilities, and adaptation to pharmaceutical or food standards is growing.
Rental rates remain stable. In the Kyiv region, the prime rate in 2025 was approximately $5.3 per square meter per month, excluding VAT and operating costs, which corresponds to the pre-war peak level. In hryvnia terms, rates for dry warehouses have risen by approximately 9% since the start of the year and ranged between 200–250 UAH per sq. m per month. In 2026, a further moderate increase in rates is likely, particularly in the segment of high-quality properties with scarce characteristics.
The Lviv region remains the second key center for warehouse real estate development. Its advantages include relative security, proximity to the EU border, its role as a western logistics hub, and demand from relocated businesses, e-commerce, retail, and international operators. Average rates in the Lviv region for Class A and B warehouses in 2025 were approximately $5–5.5 per sq. m per month, and according to some estimates, $6–6.5 in high-quality properties.
At the same time, a local increase in vacancy rates is already noticeable in the Lviv region due to the introduction of new phases of warehouse complexes. This does not indicate oversupply, but signals a gradual transition of the market to a more competitive phase. The most promising areas remain those near the Polish border, routes toward Kyiv, and zones of future industrial parks.
In the central regions, particularly the Vinnytsia, Khmelnytskyi, and Ternopil regions, demand is driven primarily by agricultural companies, local manufacturers, distributors, and businesses seeking to locate warehouses closer to domestic consumers. These regions lag behind Kyiv and Lviv in terms of liquidity but have potential for the development of Class B warehouses, agri-logistics, production-and-warehouse complexes, and regional distribution.
The eastern and frontline regions remain the highest-risk areas. There, demand is largely concentrated on temporary or lower-grade warehouse space, but investment activity is constrained by security concerns. Dnipro retains its status as a major industrial and logistics hub, but investors apply a higher risk premium to projects there.
A key trend for 2026 is the growing demand for specialized formats. This includes multi-temperature warehouses, pharmaceutical warehouses, food logistics facilities, e-commerce facilities, last-mile logistics near major cities, as well as build-to-suit projects tailored to specific tenants. The supply shortage is most acute in these formats.
A separate factor is energy resilience. Following attacks on the power grid, tenants are increasingly evaluating warehouses not only based on location and rent, but also on the presence of generators, alternative energy sources, high-quality engineering, backup power capabilities, fire safety, and stable operation during outages.
Investor interest in warehouse real estate is recovering but remains selective. The most attractive assets are ready-to-use or nearly ready Class A warehouses in the Kyiv and Lviv regions, as well as projects with reliable tenants and long-term leases. For investors, the key considerations are not only yield but also asset liquidity, tenant quality, location security, and the cost of completion.
Current market yields on high-quality warehouse assets in Ukraine may remain higher than in most EU countries due to a war risk premium. However, it is precisely this premium that is the main constraint on the widespread influx of institutional capital. Foreign investors are interested in the segment but are mostly adopting a wait-and-see approach or considering partnerships with local players.
For developers, 2026 will be challenging due to high construction costs. Rising costs of materials, energy, logistics, insurance, financing, and construction work are limiting the launch of new projects, especially without a prior lease agreement. Therefore, the share of speculative construction will remain limited, while build-to-suit and phased development will be more popular models.
Key market risks in 2026:
security threats and the risk of infrastructure damage;
a shortage of high-quality land plots near key transportation corridors;
high construction and financing costs;
currency risks associated with hryvnia-denominated rent payments;
a shortage of large ready-to-use lots;
limited access to long-term capital;
instability in energy supply;
caution among foreign investors.
At the same time, fundamental demand for warehouse real estate remains strong. The Ukrainian market is still structurally underserved with high-quality logistics space compared to Central European countries. The war has accelerated changes in logistics: businesses need more flexible warehouses, closer to consumers, with better engineering, autonomy, and the ability to quickly adjust supply chains.
According to Experts Club’s base scenario, in 2026, Ukraine’s warehouse real estate market will see moderate growth in rental rates, low vacancy rates in the Kyiv region, activity in the Lviv region, and a gradual expansion of high-quality supply in central regions. The greatest demand will be for Class A properties, multi-temperature warehouses, pharmaceutical logistics, last-mile warehouses, and build-to-suit projects.
The optimistic scenario anticipates a more active return of foreign capital, the launch of new industrial parks, and accelerated construction in western and central Ukraine. The negative scenario is linked to heightened security risks, further damage to logistics infrastructure, rising financing costs, and a decline in investment activity.
Experts Club Conclusion: warehouse real estate remains one of the most resilient segments of Ukraine’s commercial real estate market. By 2026, this market will no longer appear to be in crisis, but it will not yet be fully normalized. Its main characteristic is a shortage of quality supply while real demand from retail, logistics, e-commerce, pharmaceuticals, and distribution remains steady.
For developers, this means an opportunity to launch new projects provided they work closely with tenants. For investors, it is a chance to enter a segment with higher returns but increased risk. For tenants, it is a necessity to plan warehouse needs in advance, as finding a high-quality large warehouse “here and now” in Ukraine is becoming increasingly difficult.
