Inflation slows to 8.2% in January

In January consumer inflation in Ukraine continued slowing and stood at 8.2% y-o-y, down from 9.1% y-o-y in December, according to the State Statistics Committee. Mykyta Mykhaylychenko: Continuous price increases for utilities was overweighed by slowdowns elsewhere, mainly in food. We expect inflation to stay in the high single digits in 2011 on the back of further utilities and retail gas price increases as well as recovering domestic demand.