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Belarus Inflation February 2023

Belarus: February inflation drops to lowest level since the start of the Russia-Ukraine war

Inflation came in at 11.6% in February, down from January’s 12.0%. February’s reading marked the weakest inflation rate since February 2022.

Nevertheless, annual average inflation ticked up to 15.4% in February (January: 15.3%).

Finally, consumer prices rose 1.26% in February over the previous month, picking up from the 0.76% rise recorded in January. February’s result marked the sharpest increase in prices since April 2022.

Analysts at the EIU commented on the outlook:

“In 2023 a gradual decline in commodity prices will help to alleviate some inflationary pressures, and we expect consumer price growth to moderate to 13% on average. Supply-chain bottlenecks and associated goods shortages due to restrictions on imports will keep prices elevated. The government’s decision to freeze prices is likely to have limited effect, as high inflation is mostly due to external pressures. Instead, this may lead to increased shortages and the growth of illegal markets.”

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