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Snopkov: Low inflation stimulates consumer demand

MINSK, 8 August (BelTA) – Low inflation stimulates consumer demand for goods, Belarusian First Deputy Prime Minister Nikolai Snopkov said at a meeting of the Council of Ministers to review the economic performance in H1 2023, BelTA has learned.

"The inflation rate has dropped significantly. The increase in the consumer price index in June 2023 was 3% over December 2022, well under the 6.9% forecast for this period.  This contributes to real growth in wages and disposable cash income. In January-May, they increased by 3% in real terms. Accordingly, this stimulates consumer demand for goods. As a result, retail is growing. In H1 2023, it surged by 4.6%," Nikolai Snopkov said.

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