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10 February 2023, 13:15

Lukashenko: Inflation slowed down thanks to price regulation

MINSK, 10 February (BelTA) - The price regulation system developed in Belarus has helped to significantly slow down inflationary processes in the country, Belarusian President Aleksandr Lukashenko said at a government meeting in Minsk on 10 February, BelTA has learned.

“The price regulation (or price control) system was developed together, in cooperation with the Parliament, the government, the State Control Committee, trade unions, local authorities, controlling and law enforcement agencies. I have the recent monitoring results here. According to the statistics, we have managed to significantly slow down inflationary processes in the country. In Q4, after a decisive action in 2022, deflation was recorded at almost 2%. That means the prices lowered,” Aleksandr Lukashenko said.

“At our previous meeting, the government predicted annual inflation of about 20%. That would be terrible figures. However, taking into consideration the measures taken, we managed to reduce it to at least 12-13% by the end of 2022,” the Belarusian leader said.

To curb inflation, Directive No. 10 was signed first, and then Council of Ministers' Decree No. 713 “On the price regulation system” came into force in mid-October.

In some cases the prices even went down, although this was not the initial goal. But after their February surge last year, everything has been good, and the profitability of organizations is still high. “Some are writing to me about lowering prices. We did not set such a goal. We were talking about regulating prices,” the president said.

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