In early September 2024 during the international forum “Trade Dialogue”, Belarusian Minister of Antimonopoly Regulation and Trade, Alexey Bogdanov, announced that Belarus would be implementing a new price regulation system by the end of the year. Commenting on this news during the show “Regular Morning” on September 11th, economist Yaroslav Romanchuk spoke about the high inflation rate in Belarus and its top position in the global ranking.
“Belarus is among the ten most troubled countries in the world in terms of inflation. The world, my friends! This is what you need to know about the quality of price regulation in Belarus,” the economist stated.
In August 2024, the annual inflation rate in Belarus was 6.1%. The WTF team found at least ten countries with a higher consumer price index. In Argentina, inflation in August reached 236.7%, in Turkey — 51.97%, in Egypt — 25.6%.
Belarus was also surpassed by Ethiopia (17.2%), Zambia (15.5%), Uzbekistan (10.5%), Bangladesh (10.49%), Russia (9.05%), Kazakhstan (8.4%), and Mongolia (6.5%). Thus, according to the August data, Belarus was not among the top 10 inflation leaders.
The International Monetary Fund's website shows the expected annual change in consumer prices for different countries. For Belarus, the forecast for the end of 2024 is an inflation rate of 6.3%, placing it in the fifth decade of countries.
The National Bank of Belarus prognoses that the inflation rate will not exceed 6% in 2024.
This is not the first time Yaroslav Romanchuk has claimed Belarus was among the global leaders in consumer price index growth. In March 2024, he criticized the measures taken by Belarusian officials to regulate inflation, saying that if they had been worked, “Belarus would not be the tenth country in the world in terms of inflation rate.” Read more.
