Underlying inflation in May 2014 came to 2.3% compared to 2.8% in April, the State Statistics Service of Ukraine has reported.

According to the report, underlying inflation has amounted to 7.1% since early 2014.

In annual terms underlying inflation accelerated to 7.5% in May 2014 from 5.1% in April 2014 an 2.1% in March 2014.

The service said that the calculations were carried out, not taking into account the occupied territory of Crimea.

Underlying inflation does not include short-term irregular changes in prices influenced by various factors of an administrative, event-based or seasonal character. For instance, it does not include changes in the price of food and energy.

In 2012-2013, monthly underlying inflation varied within 0.1%.

Consumer prices in Ukraine grew by 0.5% in 2013 and by 10.5% since early 2014. In May inflation accelerated to 3.8% from 3.3% in April and from 6.9% to 10.9% in annual terms.