Inflation in Belarus continues to accelerate.
Belarus Experiences Highest Inflation Rate Since Early 2023
Mikhail Svetlov
The Belarus National Statistical Committee has released data for July 2022, revealing that the current inflation rate in Belarus stands at 7.4% year-on-year. This marks the highest inflation level since February 2023.
The inflation rate for goods and services is the focus of the data release. Food prices have seen a significant increase, rising by 10.6% over the past 12 months. Services prices have also increased, by 7.6%, while non-food prices have risen by 3%. Compared to June, food prices have increased by 0.02%, services by 0.7%, and non-food prices by 0.1%.
These figures indicate an increase in the inflation rate from June 2022 to July 2022. The consumer price index for goods and services in Belarus for July 2022 increased by 7.4% compared to the same period last year.
The data pertains to changes in consumer price levels. Historically, since early 2023, inflation has been on the rise, with food prices and services being the main drivers. For instance, food prices have risen to around 10.6% year-on-year in July 2022, while services have increased by 7.6%. Non-food goods inflation has been more moderate, around 3% to 3.6%.
Regarding projections, available analysis from mid-2022 indicates that inflation was around 10-11% quarter-on-quarter annualized inflation in Q2 2022. This suggests a more volatile and higher inflation within the year than the monthly year-on-year rates suggest. The economic outlook points to a gradual cooling of the economy and inflation over the medium term, given the slow return to equilibrium and a weakening of domestic demand, but exact inflation forecasts for the end of 2022 or by 2023 suggest that inflation may remain elevated though potentially below Q2 spike levels as policy and external demand influences take effect.
In summary, while year-on-year inflation was about 7.4% by mid-2022, short-term quarterly inflation was higher earlier in the year, and projections imply inflation may remain elevated but could dampen later in the year or by 2023 due to slower demand and policy constraints.
The data release pertains to consumer price levels for July 2022 in Belarus. The release was made by Belstat, the Belarus National Statistical Committee.
The inflation rate for goods and services in Belarus, as revealed in the data release by Belstat, stands at 7.4% year-on-year in July 2022. This inflation rate, being the highest since February 2023, is a key focus in the field of finance.
