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Inflation in Belarus to slow down by year-end

MINSK, 30 November (BelTA) – By the end of 2011 the inflation in Belarus will slow down, Vice Premier Sergei Rumas said at a joint meeting of the two chambers of the National Assembly on 30 November, BelTA has learned.

Sergei Rumas acknowledged that inflation is one of the most pressing issues today. “The government understands that only the full solution of this problem will create a basis for further sustainable economic growth,” he said.

Analysis of the data for November shows that in the third week of the month the inflation slowed down. Consumer price index made up 1.4% due to previous decisions in price regulation, Sergei Rumas stressed. First of all, this implies to prices for alcoholic beverages. At the same time, prices for some commodities edged down. In particular, these are prices for pork, buckwheat, peas, tea, synthetic detergents. “Given the fact that all major decisions regarding the regulated prices have been made already, we expect that the inflation will slow down even more by the end of the year,” Sergei Rumas said. In December 2011 the list of socially important commodities will include another eleven groups, the Vice Premier noted.

The government and the National Bank stopped the growth of monetary inflation caused by the changes in the Belarusian ruble exchange rate. The Belarusian ruble has stabilized. This week it has even become stronger against the U.S. dollar, euro, and the Russian ruble. Thus, exchange rates have practically no influence on inflation, Sergei Rumas emphasized.

Given all the aforementioned factors, the government expects that the inflation will slow down in December, Sergei Rumas said.