Ukrainian authorities - both the Cabinet and regulators - have absolutely no idea what to do with inflation that is spinning out of control. This opinion was voiced by Serhiy Lovochkin, Deputy Chair of the OPPOSITION BLOC parliamentary faction, the OPPOSITION BLOC press service reports.

“Instead of intensive reforms the government is mired in corruption, and their incompetent decisions heat up inflation, which hits the most vulnerable people - those, who tomorrow will have nothing to pay for utilities,” Serhiy Lovochkin stressed.

The member of parliament noted that over the 12 months of work of the new government (March 2014 to March 2015) prices for consumer goods and services rose by almost one half (45.8%), while consumer price growth since the beginning of 2015 reached 20.3%.

“Our government beat all price records of this millennium: the last time monthly inflation exceeded 10% was in September 1995. Speaking of quarterly inflation, Ukraine rolled 19 years back, to the level of 1996,” Serhiy Lovochkin said.

“In reality, the current level of inflation in Ukraine is even higher. Every Ukrainian family sees this on the price tags in supermarkets and grocery stores, when they pay their fares in public transportation,” the politician said.

“And in the coming months, the growth of prices for goods and services will only continue. After all, people will be getting new bills for gas and electricity, heat and hot water; consumers will also be hit hard with the record high producer price inflation,” Serhiy Lovochkin predicts.

“The tragedy today is that neither the government, nor the regulators represented by the NBU and the Antimonopoly Committee have any idea what to do with the growing inflation,” the MP said.

“As long as the government continues to implement an unbalanced fiscal policy to cover the budget deficit at the National Bank’s expense, and as long as the National Bank fails to convince business and the public that it controls the situation on the foreign exchange market, prices will continue to grow, and Ukrainians will have to brace for disappointing new inflation records,” Serhiy Lovochkin concluded.