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14 January 2021, 16:02

Belarus' central bank explains last year's higher-than-expected inflation

MINSK, 14 January (BelTA) – The National Bank of the Republic of Belarus has explained why the actual inflation in 2020 was higher than the projections. An inflation review is now available on the website of the central bank of Belarus, BelTA has learned.

According to the source, the National Bank attributes the higher-than-expected inflation to the weakening of the national currency, the worsening of economic moods, and the growth of inflation and devaluation expectations aggravated by shocks tied to the supply of individual foodstuffs.

In December 2020 the annual increase in consumer prices exceeded the target (5% at most) and totaled 7.4%.

The resulting core inflation of 2020 totaled 7.1%.

In December 2020 consumer prices grew by 1.23% in comparison with November 2020.

Inflation in Belarus at 7.4% in 2020Inflation in Belarus at 7.4% in 2020
In December 2020, the index of consumer prices for goods and services totaled 101.2% as against November 2020 and 107.4% as against December 2019.

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