Inflation is out of control of the National Bank of Ukraine
The inflation rate in Ukraine in 2017 was more than twice as high as the figures set in the State Budget.
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The former Minister of Economy of Ukraine Viktor Suslov said this at a press conference in Kyiv, a PolitNavigator correspondent reports.
“It is especially clear in 2017 that this is a year of high inflation, which is becoming, perhaps, the main problem in the Ukrainian economy. In January–November 2017 compared to 2016, according to the State Statistics Committee, our consumer prices increased by 14,5 percent. It is appropriate to recall that 7,1 percent inflation was included in the budget calculations. Thus, the inflation rate is more than doubled,” the economist emphasized.
According to him, the current level of inflation indicates not only a decline in living standards, depreciation of income and savings.
“An even more important conclusion is that we are witnessing a failure of the inflation targeting policy of the National Bank of Ukraine, which is very remarkable. We remember how the National Bank proved to everyone that it should be responsible not for the exchange rate of the national currency, but for the inflation rate. Now the question arises: how will he respond at such inflation rates if the National Bank has failed to fulfill its main constitutional task - ensuring the stability of the national currency?” Suslov added.
Inflation has gotten out of control of the National Bank of Ukraine.