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Belarus Inflation October 2023

Belarus: Inflation comes in at highest level since May in October

Inflation came in at 3.7% in October, up from September’s 2.0%. October’s result represented the highest inflation rate since May. Looking at the details of the release, price pressures for food, transportation, and housing and utilities intensified from the previous month, driving the uptick in the index.

Nevertheless, annual average inflation fell to 6.5% in October (September: 7.4%).

Lastly, consumer prices rose 0.60% in October over the previous month, slowing down from September’s 0.70% rise.

Analysts at the EIU commented on the outlook:

“We forecast that consumer price inflation will average 5.6% per year in 2024-25, as import restrictions and ruble depreciation generate inflationary pressures. Government price controls and lower international commodities prices will help to curb inflation. However, supply-chain bottlenecks and associated goods shortages due to restrictions on imports will keep prices elevated in the coming years. The emergence of illegal markets arising from anti-inflationary measures poses an upside risk.”

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