“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) in Q4-2023 to 4.9% (QoQ) in Q1-2024.