The increase is the first interest rate change in Ukraine in four meetings and few analysts had expected it to come now. The signal ahead of the announcement was that the key interest rate would remain unchanged for the rest of the year.
The background is an unexpectedly rapid increase in inflation in Ukraine recently.
"In the coming months, inflation is likely to continue to increase at an annual rate," the central bank writes in its announcement.
The bank refers, among other things, to effects from the supply of food, large public investments, large wage increases, and a widespread energy shortage during the heating season.
For November, inflation in Ukraine was measured at 11.2 percent, up from 9.7 percent in October. In the spring, inflation was around 3 percent.
