"It is obvious to me that some political forces have attempted to destabilize the situation," Viktor Yanukovych was quoted as saying by the government press office.
The bread price hikes in several regions of Ukraine prompted opposition parties to attack the government for its inability to control the situation on the grain market.
The country has been suffering from a severe drought since May, and experts have predicted poor harvests on more than half the country's sown farmland.
First Deputy Prime Minister and Finance Minister Mykola Azarov assured, however, that Ukraine has enough bread stocks to meet its domestic needs, and that there are no objective reasons for prices of the country's staple food to go up.
He also suggested that "the hysteria over the government's inability to control the situation" was being provoked by members of the Yulia Tymoshenko Bloc, who own bakeries.
The issue will be high on the agenda of the Ukrainian Cabinet's meeting Wednesday.
