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Annual inflation at historic low in Belarus in May

Economy 14.06.2018 | 17:50

MINSK, 14 June (BelTA) – In May 2018 the growth of consumer prices slowed down to 4.4% year on year, hitting a new historic low, BelTA learned from the website of the National Bank of the Republic of Belarus (NBRB).

Consumer prices dropped by 0.3% in comparison with April 2018.

The slower growth of consumer prices in May 2018 is attributed primarily to the slower growth of prices for fruits and vegetables as well as prices unaffected by seasonal factors and administrative regulations. The growth of prices for fruits and vegetables slowed down from 13.8% in April to 2.9% in May. The main factors contributing to the slowdown include prices for bananas, which rebounded after more than a 30% increase in February-March 2018 due to short-term market factors, and a seasonal decrease in prices for fresh cucumbers and tomatoes.

The annual base inflation slowed to 2.9% in May (3.1% in April) due to a drop in prices for certain non-foods. At the same time, the aggregate indicator of trend inflation has stayed at 3.2% for the last three months, testifying to the stability of price dynamics. The average intensity of the growth of consumer prices and tariffs totaled 2.8% (3.1% in April).

The growth of administratively regulated prices and tariffs in the period under consideration accelerated by 0.2 percentage points to 8.9% year on year. In May 2018 the growth was mainly driven by an increase in fuel prices as well as tariffs for telecommunication services.

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