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Belarusian prices affected by growing annual inflation in Russia

According to the report, the Belarusian ruble appreciated against the Russian ruble by about 3.8% year on year in May 2024

MINSK, July 1. /TASS/. The acceleration of import prices growth and annual inflation in Russia influenced the rise of consumer prices in Belarus, the Belarusian Ministry of Antimonopoly Regulation and Trade said in a comment on growth of monthly inflation by 0.1% and annual inflation by 5.7% in May 2024.

"Key drivers influencing consumer prices are the accelerated incremental growth of producers prices (amid growing costs), import prices, and high consumer activity on the back of internal demand expansion," the ministry’s press service said. "Accelerated growth of the consumer price index in Russia to 8.3% against 7.8% in April 2024 to April 2023 exerts pressure on inflation," it noted. At the same time, the Belarusian ruble appreciated against the Russian ruble by about 3.8% year on year in May 2024, "which somewhat leveled inflation pressure on the Belarusian domestic market from imports of Russian goods at higher prices," the press service added.

According to the socioeconomic development forecast for Belarus, inflation is planned at the level of 6% in 2024. In 2023, inflation in Belarus stood at 5.8%.

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