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Belarus Inflation

Belarus Inflation

Inflation in Belarus

Consumer price inflation in Belarus averaged 10.9% in the ten years to 2022, above the Eastern Europe regional average of 7.7%. The 2022 average figure was 15.2%. For more inflation information, visit our dedicated page.

Belarus Inflation Chart

Note: This chart displays Inflation Rate (CPI, annual variation in %) for Belarus from 2014 to 2023.
Source: Statistical Committee Belarus.

Belarus Inflation Data

2018 2019 2020 2021 2022
Inflation (CPI, ann. var. %, aop) 4.9 5.6 5.6 9.4 15.2
Inflation (CPI, ann. var. %, eop) 5.6 4.7 7.4 10.0 12.8

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.”

Consensus Forecasts and Projections for the next ten years

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Belarusian inflation projections for the next ten years from a panel of 8 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable inflation forecast available for Belarusian inflation.

Download one of our sample reports to visualize what a Consensus Forecast is and see our Belarusian inflation projections.

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