Page 16 - BELRptApr19

4.2 Inflation
Consumer prices in Belarus grew by 1.3% m/m in February, which is the highest m/m result over the past three years. Food prices went up by 1.1% m/m in February, non-food prices edged up by 0.2% m/m, for and tariffs on paid services by 3.2% m/m, according to the nation's statistics service Belstat. Consumer prices rose by 2.2% YTD in February. According to the newly-approved programme of the Belarusian government, the key refinancing rate is projected at 10% at the end of 2019, 9.5% at the end of 2020 and 9% at the end of 2021. The average midterm consumer price index growth is projected at 5.3% in 2019, 5% in 2020, and 4.5% in 2021. In February, the National Bank of Belarus (NBB) kept its key refinancing rate unchanged at 10% . The regulator attributed its latest move to the fact that "the prevalence of factors allow hitting this year's inflation target without adjusting the monetary conditions". The move followed June's cut from 10.5% to 10%. According to official data, consumer prices in Belarus reportedly increased by 5.6% y/y in 2018, 4.6% y/y in 2017, 10.6% y/y in 2016 and 12% y/y in 2015.
16 BELARUS Country Report April 2019 www.intellinews.com