The International Monetary Fund on Wednesday forecast average annual inflation in Ukraine would hit 20-22 percent in 2008, according to Reuters.

The Fund, in figures released at a news conference, also said year-on-year inflation in December 2008 would reach 17 percent.

"I have to say there is an unusual amount of uncertainty about this forecast," said Robert Ford, IMF mission head for Ukraine. "If you ask me in two months` time, my forecast may be different."

Annual inflation in 2007 hit 16.6 percent and the government of Prime Minister Yulia Tymoshenko has pledged to contain the figure this year to 9.6 percent through measures it has promised to unveil soon.

Ukrainian and international experts are sceptical about this pledge, with most predicting a rate for the year of 12-15 percent.

Year-on-year inflation stood at 21.9 percent in February after month-on-month rises of 2.7 in February and 2.9 percent in January.