Economy Ministry: Belarus boasts record low inflation

Belarus is experiencing record low inflation – as informed by Deputy Economy Minister, Andrei Kartun, commenting on the economic results in January-August 2023

“Deflation was recorded in August. Prices decreased by 0.3 percent due to lower food prices. Against December 2022, prices increased by 2.9 percent, against August 2022 – by 2.3 percent. That was a historical minimum,” Mr. Kartun said.

According to the Deputy Economy Minister, among food products, the largest decrease against July was registered in vegetables, pasta, sugar, fish and fish products. Non-food products made the greatest contribution to the decline in the annual consumer price index.

“In terms of the rate of inflation reduction, we have not just broken our record, but are now in the EAEU top. In this regard, we have even overtaken the EU, where inflation is around 5 percent,” Mr. Kartun said, adding that there are all prerequisites for the inflation rate to be within the forecast by the end of 2023.