Belarus’ 2017 inflation lowest in its history

Last year saw the lowest inflation rate in the history of sovereign Belarus at 4.6 percent, according to the National Statistical Committee (Belstat).

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As Belstat reported, consumer prices rose by 0.9 percent in January, 0.5 percent in February, 0.3 percent in March, 0.7 percent in April, 0.3 percent in May and 0.7 percent in June, fell by 0.1 percent in July and 0.8 percent in August, and rose by 0.3 percent in September, 1.2 percent in October, 0.5 percent in November and 0.2 percent in December.

In December, food prices rose by 0.7 percent, while the prices of non-food consumer goods fell by 0.9 percent and services increased in price by 0.5 percent, Belstat said.

Since December 2016, food prices increased by 4.2 percent, the prices of non-food consumer goods rose by two percent, and the prices of services rose by 9.5 percent.

The government initially set itself the objective of limiting inflation to nine percent in 2017, but the economy ministry announced in June that the year’s inflation would not exceed seven percent.

According to Belstat, consumer prices rose by 10.6 percent in Belarus in 2016.

The previous record low inflation rate of 6.6 percent was in 2006. Belarus also had inflation rates below 10 percent in 2005 (eight percent) and 2010 (9.9 percent). Consumer prices reportedly rose by 10.6 percent in Belarus in 2016.

The government has projected consumer prices to rise by no more than six percent in 2018 (2.7 percent in Q1, 4.1 percent in Q1-2 and 4.3 percent in Q1-3).