Belarus Inflation January 2018


Belarus: Inflation inches down in January

February 9, 2018

Consumer prices rose 0.8% over the previous month in January, following a 0.2% month-on-month increase in December. A breakdown of the components showed prices climbed in all but one of the 12 sub-components. The sub-category of hotels, cafes and restaurants recorded the biggest increase in prices, while communication was the only category to see a fall in prices over the previous month.

Inflation continued to fall in January, although the magnitude of the decline was marginal compared to the previous month. In January, inflation inched down to 4.5% from 4.6% in December.

Core inflation dropped sharply on the other hand, from 2.5% in December to 0.8% in January. Given the current and projected trajectory of inflation amid the ongoing economic recovery, the Central Bank reported that it will cut the refinancing rate from 11.0% to 10.5% on 14 February.

While the Bank has set a target of no more than 6.0% inflation this year, FocusEconomics Consensus forecast participants project average inflation exceeding this limit in the year. The panel sees inflation averaging 7.1% in 2018, which is down 0.8 percentage points from last month’s forecast. For 2019, panelists also expect inflation to average 7.1%.


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Belarus Inflation Chart

Belarus Inflation January 2018

Note: Year-on-year and month-on-month variation of consumer price index in %.
Source: National Statistical Committee of the Republic of Belarus (BELSTAT).

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