Inflation Growth Of 4.4% In 1Q05 Is Yanukovich?s Fault

Concorde Capital: The recently amended 2005 Budget calls for a 19% increase in expenditures, largely to provide social payments. Thus, perhaps we should we expect even more ?impressive? inflation growth results from Tymoshenko’s government, than from her predecessor? We maintain our 2005 CPI projection at 11%, versus the government?s estimate of 9.8%.