MINSK, February 27. /TASS/. The strengthening of the Belarusian ruble against the currency of Russia, Minsk’s main trade partner, had an effect on a decline in inflation in the republic in 2023, Belarusian Minister of Antimonopoly Regulation and Trade Alexey Bogdanov said.

"The following factors worked for the benefit [of a decline in inflation]: average import prices decreased amid the strengthening of the Belarusian ruble against the currency of the main trade partner, Russia. According to estimations by the Ministry of Antimonopoly Regulation and Trade based on the data provided by the National Bank, the Belarusian ruble strengthened against the Russian ruble by around 10.5% in annual terms in 2023," the SB. Belarus Today media outlet quoted the minister as saying.

Moreover, global prices for commodities and food went down, same as prices of agriculture producers amid a slowdown of expenditures growth, he added. "Fuel prices also fell, by around 4.2%, which influenced logistics costs," the minister noted.

That said, "control of prices for most consumer goods" imposed in the country was still the main factor that helped curb inflation, he added. By the end of December 2023 inflation was below the targeted level at 5.8%, not having exceeded the projected level of 7-8, Bogdanov said.

In October 2022, Belarusian president signed a decree ‘On unacceptability of prices growth’, which was set to introduce the system of regulation of prices to ensure control over the price discipline. The authorities said that they would maintain state regulation of prices in 2024 as well by adding certain innovations to the existing price regulation mechanism. According to the parameters of the forecast of the republic’s socio-economic development for 2024 inflation is planned at 6%. In 2023, inflation in Belarus equaled 5.8% with the forecast not exceeding 7-8%.