KIEV, Nov. 10 – The zero inflation in October, the first registered in the whole history of the hryvnia, with the retention of a high pace of economic growth confirmed the propriety of the interest rate policy conducted by the National Bank of Ukraine, according to Valeriy Lytvytsky, the head of a group of advisors to the NBU governor.

He said that the NBU should not reduce refinancing rates, as the pace of underlying inflation exceeds integral inflation (7.8% against 5.4%), and consumer price inflation over the period (ten months of 2011 and ten months of 2010 – 8.6%) is still higher than refinancing rate (7.75%), while the official inflation forecast of the budget (8.9%) has not been revised.