Inflation Review. December 2020

In December 2020, the annual increase in consumer prices exceeded the established target and amounted to 7.4 percent.

The excess of the forecast parameter at the end of the year is due to the weakening of the Belarusian ruble, deterioration of economic sentiment and growth of inflation and devaluation expectations, and supply shocks for certain food products.

Relative to November 2020, consumer prices in December 2020 increased by 1.23 percent.

Growth of consumer prices
(% to the corresponding month of the previous year)

Consumer prices dynamics
(on a year-on-year basis)

Core inflation
(% to the corresponding month of the previous year)

Regulated prices and tariffs
(% to the corresponding month of the previous year)

Seasonal prices (for fruits and vegetables)
(% to the corresponding month of the previous year)

Trend inflation
(% to the corresponding month of the previous year)

Overall characteristics of change in consumer prices

Dynamics of consumer prices,
to the corresponding month of the previous year

Dynamics of the CPI components
dispersion on the basis of their annual growth rates

Maximum and minimum growth rates of the unregulated prices and tariffs in December 2020 in the annual terms

*excl. regulated ones

Maximum and minimum growth rates of the regulated prices and tariffs in December 2020 in the annual terms

Source: the National Bank's calculations based on the National Statistical Committee's data.


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