Inflation in Ukraine in 2011 would not exceed 5%, according to Ukrainian Prime Minister Mykola Azarov.

"In 2011, Ukraine has passed a second phase of overcoming crisis… This year the deficit of the national budget will reach no more than 3.5%. If in 2008 inflation was 25%, in 2010 it was 9%, by late 2011 it will not exceed 5%," he said, opening a cabinet meeting on Wednesday.

Azarov also said that in the past two years the national currency continues being stable.

"Thanks to this, in 2012 we plan to enter the pre-crisis development level. However, we don’t need indicators for the sake of indicators," he said.

Azarov also said that the draft law on the national budget for 2012 will contain a requirement to increase subsistence wage and minimum wage by some 14%.

On average pension payments will grow by 11% in the country.