Inflation review. June 2019

Source: National Bank of the Republic of Belarus in English

In June 2019, the annual increase in consumer prices slowed down by 0.5 percentage points and amounted to 5.7%.
In June 2019, consumer prices declined by 0.06% versus May

Growth of consumer prices(% to the corresponding month of the previous year)

Dynamics of consumer prices(on a year-on-year basis)

Core inflation(% to the corresponding month of the previous year)

Administratively regulated prices and tariffs(% to the corresponding month of the previous year)

Seasonal prices (for fruits and vegetables)(% to the corresponding month of the previous year)

Aggregated indicator of the trend inflation(% to the corresponding month of the previous year)

General characteristics of changes in the consumer prices
In June 2019, annual growth rates of key price indicators of the consumer market slowed down.
Annual core inflation declined from 5.2% in May to 4.8% in June 2019. Less intensive dynamics of this indicator is largely associated with the weakening of the impact of market shock in the market of meat products.
The accelerated growth of prices for meat and meat products began in June 2018 and has been continued till the end of the year. As a result, the core inflation was higher than the trend one. The current growth rates of prices for meat products will contribute, under the condition of lack of impact of other shocks, to further slowing down of core inflation in annual terms and approaching of the level of trend inflation thereby.
For information: at the end of 2019 H2, the prices for meat and meat products dropped by 0.7% (June 2019 to December 2018).
The trend inflation slowed down by 0.1 percentage point in annual terms and totaled 4.5% in June 2019. The average intensity of consumer prices growth declined to 4.2% (4.6% a month earlier).
The annual growth of regulated prices and tariffs stood at 8.1% in June 2019 (8.2% a month earlier). On the whole, the dynamics of prices and tariffs for regulated positions in annual terms has been preserved, practically, at the same level over the last four months.
After their acceleration in May up to 9.5% the annual growth rates of prices for fruits and vegetables dropped to 4% in June 2019, with the slowing down of the annual gowth rates for white cabbage after a long-term period of accelerated growth (since November 2018) and for the majority of other types of vegetables contributing to this process to a considerable degree. At the same time, the growth rates of prices for potatoes went up to a significant degree. The annual growth rates of prices for fruits were positive and constrained the general decrease in seasonal prices as well.

Dynamics of consumer prices(on a year-on-year basis)

Dynamics of inflation indicators(on a year-on-year basis)

Methodological explanations   Archive

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