The Ministry of Antimonopoly Regulation and Trade explained why deflation occurred in August and what will happen to prices by the end of the year
In August, deflation – a decrease in prices – was recorded in Belarus.
The Ministry of Antimonopoly Regulation and Trade explained how this happened and what will happen to prices at the end of the year.
The first deputy head of the Ministry of Antimonopoly Regulation and Trade, Ivan Vezhnovets, spoke about this topic on the air of the First Information TV channel.
Why did deflation happen and what will happen to prices at the end of the year
As the deputy minister reported, deflation in August was 0.1%, for the food group – 0.3%.
Annual inflation (as of August last year) was 6.1%. According to the target, inflation should not exceed 6% by the end of the year.
We predict that this task will be completed, Vezhnovets said.
According to him, deflation was recorded primarily in fruit and vegetable products.
The harvest is underway, including on private farmsteads. This is what caused the deflation, explained the deputy head of the Ministry of Antimonopoly Regulation and Trade.
He emphasized that MART monitors prices for all product groups. Taking into account the seasonality and weather conditions of this year, the department pays the closest attention to the vegetable product group.
Dairy products and imported goods are also under close control of the Ministry of Antimonopoly Regulation and Trade. Importers are tasked with preventing abuse and price gouging.
We also control the level of markups applied by importers and trade, Vezhnovets summed up.
