Inflation in Belarus continues to accelerate annually.
Belarus is experiencing a rise in inflation, as indicated by the latest data released by Belstat, the National Statistical Committee of Belarus. The consumer price index for goods and services in Belarus for July 2022 increased by 7.4% compared to the same period last year.
This marks a rise in annual inflation rate in Belarus, exceeding that of June 2022. The July 2022 data also demonstrates an increase in food prices by 10.6% over the past 12 months, and non-food prices by 3%. Services prices have increased by 7.6% over the same period.
Compared to June, services prices have risen by 0.7%, and non-food prices by 0.1%. These trends suggest that inflation in Belarus continues to rise, with the level of inflation in July 2022 exceeding that of June 2022 by 0.1 percentage points.
The approved parameters of the social and economic development forecast for Belarus state that inflation should not exceed 5% by 2025. However, recent projections suggest that the inflation rate for Belarus by the end of 2025 is expected to accelerate to 7–9%, exceeding the government's target inflation rate.
This forecasted inflation acceleration is attributed to a loosening of monetary policy that supports GDP growth but at the risk of heightened inflation and economic volatility, particularly amid external market uncertainties. While Belarus aims for inflation below 5%, current trends and monetary policy suggest inflation will likely remain elevated in the 7-9% range by the end of 2025.
In summary, the year-end 2025 inflation projection stands at 7–9%, while the government's target inflation remains at ≤5%. This means Belarus is expected to experience higher inflation than targeted for 2025, reflecting monetary policy choices and external economic pressures.
Journalist Mikhail Svetlov reported on these changes in consumer price levels in Belarus, based on the data provided by Belstat. The report includes detailed information on changes in consumer prices for July 2022.
[1] Belarusian Economic Forecast for 2025 [2] Belarus Inflation Projections for 2025 [3] Belarus Faces Elevated Inflation in 2025
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