In May, the CPI inflation in Ukraine accelerated to 10.9% y/y, the State Statistics Service has announced. In m/m terms, CPI inflation grew to 3.8% from 3.3% in April. Inflation was 10.5% in Jan-May. In May, prices for foodstuffs and soft drinks rose by 3.6%, for clothes and footwear by 0.4%, for municipal services by 12.8%, for health care services by 3.1%; and for education services remained unchanged.
The devaluation of national currency led to an increase in most of the prices. The further price adjustments can be expected in the near month, as gas prices will go up by around 50% in line with IMF demands. Ukraine recorded CPI deflation of 0.3% y/y in 2013. Deflation of 0.2% was observed in 2012; inflation of 4.6% in 2011 and 9.1% in 2010.
The NBU expects inflation of 12-16% in 2014, Head of the National Bank Stepan Kubiv said. According to him, the final inflation indicator this year will depend on efficiency of steps in reformation of economy, on rapidness of attraction of external resources by Ukraine, as well as on rapidness of restoration of inter-sector balances in economy. Another factor influencing on the inflation indicator called was the restoration of trust of business and citizens in the financial system.
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