KIEV, April 8 – Inflation in Ukraine was 3.3% in Q1 compared to 4.7% year-over-year, which means there is still a good chance of cutting inflation this year from 9.1% to 8.9%, as envisaged by the national budget, according to Valeriy Lytvytsky, the head of the group of advisors to the NBU governor.

He said in an interview that the year-on-year inflation was 7.7% in the past two months, while a year ago it was 11%.

"The first conclusion is that no one should over dramatize [the situation], and the second conclusion is one should not delay the reaction, as the inflation in March (1.4%) was the highest since October 2010," he said.