OREANDA-NEWS. November 08, 2007. Prices for food products are to be stabilized in November, First Vice Prime Minister, Finance Minister Mykola Azarov told a Cabinet's meeting, reported the Official website www.kmu.gov.ua.

He noted that a lot of producers and wholesalers have already cut prices for foodstuff, namely for vegetable oil (by 5.7%), however the decrease has not reflected on in retail sales.

Mykola Azarov has rebutted a prosecution to the Government regarding the inflation index for 10 months of 2007 exceeds those provided in the State Budget 2007.

The Government failed to restrain inflation within the limits of figures planned because of several reasons, he pointed out referring to the fact the Government had to review a socio-economic policy under internal political pressure. In January-September, about extra UAH 100 billion (1 USD - 5.05 UAH) were put on the market. Besides, the upturn in inflation was also conditioned by a draught and rise in prices on global markets.

At the same time, foodstuff producers anticipate price explosion for basic products at the end of the year. In November-December 2007, prices for ready-to-eat food products are expected to advance by 10-15%, heads of professional associations of producers of farming products and food products underscored.

Data of the Sate Statistics Committee showed in October Ukraine's consumer price inflation stood at 2,9%, mainly caused by price hike for foodstuff. Leaders of the price increase were vegetable oil (by 17,3), milk (8,9%), butter (8,2%), and eggs (7,4%). Bakery products in September increased in price by 1,7% (since early 2007 - by 10,6%), while flour got up by 1,1% (18,1%).