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Thursday, August 24, 2017

Belarus inflation surges unexpectedly throughout 2014

The Eurasian Development Bank (EDB) has reported this week that Belarus' inflation has reached 14.8 percent for the first 10 months of 2014, exceeding full-year predictions, set at 11 percent.

Growth was largely seen in service and food prices, with service prices increasing 22.6 percent since the beginning of the year. Preschool fees rose 76.7 percent, and housing and utility charges saw a 30.6 price spike. Health care costs increased 26 percent in Belarus.

The most drastic changes among food were in meat and poultry, increasing 34.2 percent over the course of the year. Sugar and sausage prices rose 23.3 percent and 20.8 percent respectively.

The Belarus government expected inflation to ease this year toward 11 percent from 16.5 percent in 2013. With the current situation, that figure could be as high as 17 percent by the end of the year. The International Monetary Fund (IMF) projected inflation at 16.8 percent. The government aims to lower it to 12 percent in  2015.

Organizations in this story

Eurasian Development Bank 220 Dostyk ave., Almaty, 050051, Republic of Kazakhstan

International Monetary Fund 700 19th Street, N.W., Washington, D.C. - 20431

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