Governor of the National Bank of Ukraine Valeria Gontareva said earlier this week that although headline inflation stood at 11.6 percent in the first half of 2014, it is expected to move into single-digit territory next year.

"Following three months of elevated consumer price inflation, CPI inflation continued to increase at a subdued pace in June," Gontareva said. "The consumer price index rose by one percent versus 3.8 percent in May."

A rise in inflation was driven by an increase of 0.7 percent for foodstuffs and soft beverages, while a new harvest of fruit and vegetables resulted in a decline in prices for these products. Food prices picked up by 3.6 percent in May. At the same time, electricity costs jumped by 11.3 percent.

"According to our estimates, most inflation-generating factors operated in the first half of 2014," Gontareva said. "In particular, a scheduled rise in administered prices was observed across all categories. Therefore, inflation is expected to increase at a much slower pace in the second half of 2014 (owing to a good grain harvest). It is expected to rise by five percent. In 2014, inflation rates are expected to increase by 17 percent. In 2015, inflation is projected to move back to the single-digit territory."