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Belarus Inflation January 2024

Belarus: Inflation comes in at highest level since March 2023 in January

Inflation ticked up to 5.9% in January from December’s 5.8%. January’s reading marked the highest inflation rate since March 2023. Looking at the details of the release, price pressures for food picked up, outweighing softer price increases for transportation.

That said, annual average inflation fell to 4.7% in January (December: 5.2%).

Finally, consumer prices increased 0.80% over the previous month in January, coming in below December’s 0.90% increase.

Analysts at the EIU commented on the outlook:

“We forecast that consumer price inflation will average around 6% per year in 2024-25, as import restrictions and rubel depreciation generate inflationary pressures. Government price controls and lower international commodity prices will help to curb inflation. However, loose fiscal policies, supply-chain bottlenecks and the associated goods shortages owing to restrictions on imports will keep prices elevated in the coming years.”

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