For the Second Year in a Row, Belarus Overtakes Russia and Ukraine in Price Growth

At the end of the year, deflation was observed in the Baltic countries.

The high inflation that happened in Belarus in 2020 brought the country to fifth place in the growth of consumer prices among the republics of the former USSR, BelaPAN reports. The conclusion was made after analyzing the data of the national statistical offices.

In Belarus last year, record inflation for the last four years was noted. With a forecast of 5-6%, the growth in prices for the year amounted to 7.4%.

In 2020, prices grew faster than in Belarus only in Uzbekistan (11.1%), Kyrgyzstan (9.7%), Tajikistan (9.4%), and Kazakhstan (7.5%).

In Ukraine, inflation was 5%, in Russia - 4.91%.

Prices grew even more slowly in Armenia (less than 4%), Azerbaijan and Georgia (less than 3%), and Moldova (0.39%). At the end of the year, deflation was observed in the Baltic countries, meaning that prices decreased: in Lithuania - by 0.2%, in Latvia - by 0.5%, Estonia - by 0.8%.

There is no data for Turkmenistan.

Moreover, in December, inflation in Belarus accelerated, with prices rising by 1.23% in just one month. As a result, the country took fourth place in terms of the rate of price growth. Things were worse in December only in Armenia, Kyrgyzstan, and Uzbekistan.

Moreover, Belarus is ahead of Ukraine and Russia regarding price growth for the second year in a row. By the way, last year, with an inflation rate of 4.73%, Belarus was in 6th place among the countries - the former republics of the USSR.