Inflation Review. Q3-2024

Inflation in Belarus slowed in Q3-2024 and is expected to settle within the 5.5–6.0% range by the end of the year. Annual inflation stood at 6.0% YoY in September 2024. The annualized quarterly price growth (seasonally adjusted) dropped from 6.0% QoQ in Q2-2024 to 4.9% QoQ in Q3-2024. Overheated demand, a tight labor market, and rising inflation in Russia continued to exert pressure on cost growth in the Belarusian economy. However, this did not fully translate into higher consumer prices due to the government's stringent price control measures.