KIEV, Jan. 31 (Xinhua) -- Ukraine's inflation dropped to a five-year low in 2018 mainly due to the tight monetary policy, the country's central bank said in a statement on Thursday.

According to the statement, last year inflation in Ukraine stood at 9.8 percent, compared with 13.7 percent registered in 2017 and 12.4 percent in 2016.

The gradual increase in key interest rates together with high prices for Ukrainian exports at foreign markets and record grain harvest were the main factors behind the inflation decrease, the bank said.

It expected that the country's inflation will slow down to 6.3 percent this year and 5 percent in 2020.

Ukraine's inflation reached 24.9 percent in 2014, when economic crisis started in the East European country and skyrocketed to 43.3 percent in 2015.