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Economy
31 October 2022, 17:00

PM: Inflation will remain under control in Belarus

An archive photo
An archive photo

MINSK, 31 October (BelTA) – Over the 25 days of October, the consumer price index fell by 1%, Prime Minister Roman Golovchenko told reporters after delivering a report to Belarusian President Aleksandr Lukashenko, BelTA has learned.

Speaking about the situation in the economy, the head of government named a number of positive trends, but also listed some problems that worry the president and the government. Among them is inflation. He noted that many countries are now facing a price rise, and Belarus is no exception.

“The measures taken by the government upon the instruction of the president caused a widespread response. Nevertheless, the situation is stable and calm in this area. Over the 25 days of October, we have already seen a 1% drop in the consumer price index,” the prime minister informed. He believes that thanks to the measures taken, inflation will slow down even more. “I believe we will succeed in keeping inflation under control,” he said.

As for the rather tough price controls adopted by the government upon the instruction of the president, it took some time for business, manufacturers, and retail to get a handle on the changes and restructure their work. “At first, there was a certain shock, turmoil and confusion. This is a normal emotional response,” said Roman Golovchenko. According to him, the government regularly monitors the situation, including on the ground. “We see that large players (production, trade) have already fully adapted to the changes, they are already operating calmly according to the new rules. As far as smaller players are concerned, it is taking them more time to get used to the new terms,” the prime minister said. In his opinion, this is because the situation is new for everyone. It is difficult for many to reconcile themselves to the fact that they will no longer be able to use a 100-200% markup. “The real sector of the economy, including private manufacturers, has a profitability of 7-10% and they view it as a normal thing, the profitability of 15% is viewed as something to be happy about. I think entrepreneurs, trade, manufacturers will work hard to cut costs. This is a very important component of the prime cost, and accordingly, the price,” Roman Golovchenko emphasized.

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