Current inflation in Belarus much higher than expected

Compared to February 2016, the March 2016 goods and services price index rose by 0.8%. Compared to December 2015 the increase was 5.7%, the National Statistics Committee reports.

The inflation forecast for 2016 is 12%. When on 5 April the Prime Minister Andrei Kabyakou presented to parliamentaries the government action program for five years, he said that the 2016 inflation may stay under 12%.

Food prices in March compared with February rose on average by 0.7%, non-food prices by 1.2%. Services grew by 0.6%. In relation to December 2015, these indicators increased by 4.3%, 3.8% and 12.5%, respectively.

By 2020, the government plans to reduce inflation to 5%.