Inflation in Belarus 5.6% in 7M, annual figure accelerates to 7.4% in July

MINSK. Aug 12 (Interfax) - Consumer prices in Belarus grew 0.2% in July after rising 0.9% in June, 0.7% in May and 1% in April 2025, national statistical committee Belstat said.

Inflation was 5.6% in January-June.

Annual inflation accelerated to 7.4% in July from 7.3% in June, 7.1% in May, 6.5% in April and 5.9% in March.

Core or underlying inflation was 5.4% in January-July and 0.5% in July alone.

Food prices rose 7.3% in January-July, including 0.02% growth in July. Non-food prices rose 2.4% and 0.1%, respectively, and services grew 6.7% and 0.7%.

Inflation in Belarus slowed to 5.2% in 2024 from 5.8% in 2023 and 12.8% in 2022. The government plans to lower inflation this year to 5% or less.

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

The Belarusian Anti-Monopoly Regulation and Trade Ministry has introduced a regulatory act defining acceptable monthly inflation levels for 2025. The acceptable inflation level is 3.3% for the first half, 3.7% for January-September and 5% for the year.

The Eurasian Development Bank at the end of June raised its inflation estimate for Belarus this year from 6.6% to 7.7% due to pressure from domestic demand cause by high wage growth, elevated inflation in Russia and the gradual relaxation of administrative price controls.

The National Bank of Belarus on June 25 hiked its refinancing rate for the first time in two years, from 9.5% to 9.75% per annum, due to rising inflation.