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Central bank describes inflation situation in Belarus as predicted, within forecast range

Economy 20.03.2019 | 15:37

MINSK, 20 March (BelTA) – The situation around faster inflation in Belarus at the beginning of the year was expected and stays within the forecast range, BelTA learned from Dmitry Murin, Head of the Central Office for Monetary Policy and Economic Analysis of the National Bank of the Republic of Belarus (NBRB), during a forum on the strategy and tactics of entrepreneurship development in the country, BelTA has learned.

The official said: “Inflation is getting a bit faster now. We've already said that inflation will be above the target figure in H1 2019. Technically so far we can see that we are within the forecast range.”

Speaking about rising prices for automobile fuel, the NBRB representative explained that it will have an impact on overall inflation in the end. At the same time the current increase in fuel prices is within the predicted range as well.

The effect that seasonal price fluctuations are having on inflation represents a reason for concern for now. The National Bank of the Republic of Belarus and the Antimonopoly Regulation and Trade Ministry have not worked out possible mechanisms to smooth out seasonal price fluctuations in detail yet, but Dmitry Murin believes they will be necessary. “It is not normal when we see considerable seasonal fluctuations of prices while inflation is measured in single digits. It shouldn't happen in a normal situation,” he believes. Other government agencies concerned, for instance, the Agriculture and Food Ministry, may be involved in working out the mechanisms to smooth out seasonal price fluctuations.

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