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New inflation driver

April 22, 2016 18:08

Belarus’ Agriculture and Food Ministry increased the fixed prices for agricultural products (crops), used for public needs to be harvested in 2012. In particular, the purchase prices of cereals (barley, rye, wheat, oats, buckwheat, millet, peas) increased by 27%, rape oilseeds by 55%, sugar beet by 50%, brewing barley by 74%, grain for alcohol production by 2.7 times. Moreover, purchase milk prices were increased by 75% on average and pork and beef by 100%.

The Ministry of Agriculture believes that since the new regulation sets fixed purchase prices, while previously only their minimal values were regulated, the price growth will be under the projected levels. Therefore it is difficult to say to what extent purchase prices have been increased and what impact it will have on the consumer inflation, but we can safely assume that the governmental attempts to keep the inflation down to 2-3% per month during the summer-autumn period will be unsuccessful.

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