Inflation in Belarus slowed to 0.1% in May; reaches 2.8% since start of year

MINSK. June 11 (Interfax) - The growth of consumer prices in Belarus slowed to 0.1% in May 2024 from 0.4% in April and 0.5% in March, information from the country's National Statistical Committee (Belstat) says.

Inflation totaled 2.8% in January-May.

Annual inflation in May versus the same month in 2023 was 5.7% (in April 5.6%), base inflation was 0.4% (compared to April, excluding regulated and seasonal prices).

Prices for food products decreased slightly last month; by 0.04% (they have increased 2.9% since the beginning of the year). Prices for non-food products have increased 0.2% (a 2.1% increase for the year), while services increased in price by 0.2% (a 3.4% increase for the year).

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

The authorities plan to limit consumer price growth to 6% in 2024. The Eurasian Development Bank (EDB) expects inflation in Belarus to accelerate to 8% in 2024, driven by the expected weakening of the exchange rate and expanding domestic demand.

State regulation of prices for almost all goods in the consumer basket, as well as for basic services, remains in place in Belarus.