OREANDA-NEWS. On September 22, 2008 The report from the Office for National Statistics showed the cumulative inflation since the beginning of the year has totaled 6% being one of the lowest in the region.

As a result, the annual inflation went down from the maximal 16.9% registered in May 2008 to 11.7% as of August-end. Inflation dynamics for the last months has reflected soundness of policies in this area approved and implemented by the National Bank and Government which made it possible turning back the inflation trend despite obvious external and internal upward pressure on prices.

Examination of factors influencing consumer price growth during the last year as well as of the possible evolution of these and other factors for the next period allows predicting further reduction of the annual inflation and its gradual return to the programmed limits.

In these conditions, according to the National Bank, there are no preconditions for the further toughening of the monetary policy; necessary measures for expanding access to credits and avoiding extraordinary fluctuations may be examined.

The National Bank will continue controlling the situation to achieve its fundamental goal – ensuring of price stability.