National Bank explained the reasons for high inflation in 2022

The high rate of increase in the consumer price index in Belarus last year is largely due to the jump in inflation in March 2022, Sputnik reported based on the information from the official report of the National Bank.

The National Bank and the government last year planned that inflation would eventually reach 6%. However, by the end of the year, the price increase was 12.8%.

The report says that the high value of the consumer price index is largely due to the influence of the dynamics of inflationary processes in March 2022, when prices increased by 6.1% due to geopolitical events.

At the same time, in other months of last year, the same indicator was no higher than 1.6%, and in October and November there was even monthly deflation. The National Bank believes that in many respects the surge in inflation occurred under the influence of the economy of the main trading partner, Russia.

Among the reasons is also the restructuring of production and logistics chains, which increased the cost of cargo transportation.

The Belarusian authorities plan to keep the rate of price growth at the level of 7-8% by the end of 2023.

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Photo: vkrizis.ru