Inflation in Belarus slows to 0.5% in March, 2.2% YTD

MINSK. April 10 (Interfax) - Consumer prices in Belarus rose 0.5% in March, national statistics agency Belstat said.

Inflation slowed from 0.9% in February and 0.8% in January.

There was 2.2% inflation for January-March.

Annual inflation was 5.6% in March, as in February.

Core or underlying inflation before adjustment for regulated and seasonal price influences was 0.6% in March.

Food prices rose 0.5% in March and 2.3% in Q1 2024, non-food prices rose 0.5% and 1.4%, and service charges rose 0.3% and 3.0%.

Inflation in Belarus slowed to 5.8% in 2023 from 12.8% in 2022 and 10% in 2021.

The government is targeting not more than 6% inflation in 2024. The Eurasian Development Bank expects inflation in Belarus to accelerate to 8% in 2024, driven by an anticipated weakening of the exchange rate and growth in domestic demand.

Belarus continues to regulate prices for almost all goods in the consumer basket, as well as for basic services.