The Inflation Review Bulletin is an expert analysis of inflationary processes in the consumer market. The bulletin depicts the dynamics of price indices, analyzes the drivers of inflationary processes, assesses the nature of monetary conditions, and provides a short-term inflation forecast. The methodological basis for the analysis is the Quarterly Projection Model (QPM) for Belarus.
Inflation in Belarus declined significantly in Q3-2025 and is expected to settle near 7.5% YoY by the end of 2025. Annual inflation stood at 7.1% YoY in September 2025. The annualized quarterly price growth slowed more than twofold – to…
Inflation in Belarus increased in Q2-2025 and is moving toward the upper bound of the 7–9% YoY forecast range for the end of 2025. Annual inflation stood at 7.3% YoY in June 2025. The annualized quarterly price growth rose to…
Inflation in Belarus accelerated in Q1-2025, and the chances of it rising closer to 8% YoY or slightly higher by the end of 2025 have increased Annual inflation stood at 5.9% YoY in March 2025. The annualized quarterly price growth…
Inflation in Belarus slowed in Q4-2024 under the influence of government administrative measures. Annual inflation reached 5.2% YoY in December 2024. The annualized quarterly price growth (seasonally adjusted) declined to 4.4% QoQ in Q4-2024. Authorities made minimal increases to regulated…
Inflation in Belarus slowed in Q3-2024 and is expected to settle within the 5.5–6.0% range by the end of the year. Annual inflation stood at 6.0% YoY in September 2024. The annualized quarterly price growth (seasonally adjusted) dropped from 6.0%…
Inflation in Belarus remained subdued in Q2-2024, and it will be 5–7% at the end of 2024. Annual inflation increased from 5.55% (YoY) in March 2024 to 5.84% (YoY) in June 2024, and annualized quarterly price growth (seasonally adjusted) grew…
“Schrödinger’s inflation” poses threats to the macroeconomic stability of Belarus in the medium term. Annual inflation fell from 5.8% (YoY) in December 2023 to 5.6% (YoY) in March 2024, and annualized quarterly price growth (seasonally adjusted) fell from 8.5% (QoQ)…
Inflation accelerated noticeably at the end of 2023, and its containment may become an economic policy priority in 2024. Annual inflation increased from 2.0% YoY in September to 5.8% YoY in December 2023. A directive price reduction of October-November 2022…
The risks of a strong acceleration in price growth in 2024 are increasing despite continued low inflation in Q3-2023. Annual inflation in September updated its historical minimum value of 2.0% (YoY), and the annualized quarterly increase in consumer prices (seasonally…