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Opinions & Interviews

23 Apr 2018

Inflation in Belarus projected under 6% in 2018

Inflation in Belarus projected under 6% in 2018

MINSK, 23 April (BelTA) – Inflation in Belarus will not exceed 6% in 2018, Belarusian Antimonopoly Regulation and Trade Minister Vladimir Koltovich said in an interview to Belarus 1 TV Channel, BelTA has learned.

“We are within the planned quarterly inflation now. I am confident that today there are no reasons to say that the inflation forecasts of 6% will not be fulfilled in 2018,” said Vladimir Koltovich.

He added that the situation on the market of milk and dairy products is under control. “Last year we analyzed the milk market in terms of purchase and included into the list of dominants almost all the processing companies, a total of 31 plants. This gives us the right to regulate their activity in price setting,” the minister explained.

The oblast executive committees and the Agriculture and Food Ministry, together with the Antimonopoly Regulation and Trade Ministry, have been instructed to secure the price rise on milk and dairy products within 4%. “4% is the core inflation for 2018. If this is not fulfilled, we have another option, which is to conclude agreements with processers on price rise limits. We have not resorted to the measure yet. It has been discussed with the Agriculture and Food Ministry and the oblasts. We have agreed that purchase prices will be controlled by the oblast executive committees. In Q1 the prices for milk and dairy products increased by 2.3%. After Q2 we will see what decisions to take depending on the situation,” Vladimir Koltovich said.

The minister views the incidents with reducing the quantity of the product (980gr or 950gr instead of 1 liter) without changing the price as a hidden price increase. “We have introduced changes into the selling rules, and now the document is under consideration. It will come into force within three months after it is passed. We plan this will happen in mid summer. Shelf labels will show the price for one liter of the product (if it is milk) and the cost of the quantity of the product,” he added.

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