"We have five-six times the inflation of other European countries. Having such an indicator today is a huge threat," Viktor Yushchenko said.
In 2008, due to rising global food and oil prices, inflation grew in the majority of countries. In Ukraine inflation in the first quarter of the year reached 9.7%, which is more than the government forecast of 9.6% for the entire year.
Compared to other European countries, Ukraine's inflation rate is far higher - in January-April 2008 inflation hit 13.1%, and by the yearend it is expected to reach around 20%.
On Wednesday Prime Minister Yulia Tymoshenko said Yushchenko was to blame for the high inflation and accused him of blocking the introduction of proposed anti-inflation measures.
But Yushchenko has said the anti-inflation measures are ineffective. "The effectiveness of the anti-inflation policies has not been established," he said.
