Consumer prices in Belarus increased by 16.5% in 2013
The inflation forecast in 2013 amounted to 12% but was exceeded due to price regulation by the government. Acceleration of inflation in late 2013 was additionally facilitated by gradual devaluation of national currency, which forces importers to incorporate exchange rate risks into the price of goods and raw materials.
The inflation forecast for 2014 has been set at the level of 11%, however, taking into account the existing excise policy and reduction in cross-subsidization in economy, its over-fulfillment shall be expected. The possibility of administrative influence on the growth of prices may be used at the end of the year as a part of the election programme, which may be reflected in the ban on the growth of prices within a certain time interval.