Inflation Review. Q4-2024

Inflation in Belarus slowed in Q4-2024 under the influence of government administrative measures. Annual inflation reached 5.2% YoY in December 2024. The annualized quarterly price growth (seasonally adjusted) declined to 4.4% QoQ in Q4-2024. Authorities made minimal increases to regulated prices from October to December and tightened price controls, particularly in the vegetable and fruit segments, to ensure inflation targets for 2024 were met. At the same time, inflationary pressure from excess demand and an overheated labor market remained significant, with its effects evident in the elevated price growth of non-regulated services.