Inflation in Belarus fell to 5.2% in 2024

MINSK. Jan 13 (Interfax) - Consumer prices in Belarus grew 0.6% in December 2024 after rising 0.3% in November and 0.5% in October, according to the materials of the country's National Statistics Committee (Belstat).

Inflation stood at 5.2% in 2024, measured from December to December.

Average annual inflation stood at 5.7% (January-December 2024 to January-December 2023).

Core inflation (excluding regulated and seasonal prices) increased 0.3% in November and was up 5.5% compared to December of the previous year.

Food prices rose 1.4% in December and 6.5% over the year. Non-food prices fell 0.2% in December and rose 3.4% over the year. Prices for services increased 0.04% in December and 5% over the year.

As reported, inflation in Belarus slowed to 5.8% in 2023 from 12.8% in 2022. In 2024, the authorities planned to limit the growth of consumer prices to within 6%.

According to the government's target forecast, it is planned that inflation will be reduced to no more than 5% in 2025. Belarus continues to maintain state regulation of prices for nearly all goods in the consumer basket as well as for essential services.