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Belarusians Expect Price Increases, and Inflation Justifies Their Expectations

Belarusians Expect Price Increases, and Inflation Justifies Their Expectations

In the first month of summer, prices for paid services increased the most.

In June, prices in Belarus increased by 0.7 percent. Such data are provided by the official Belstat. At the same time, annual inflation has come very close to the 10 percent mark. Although, for the majority of Belarusians, these statistics did not come as something unexpected: inflationary expectations of the population continue to grow, myfin.by writes.

What statistics say about prices

In the first month of summer, prices for paid services increased the most - by 0.9 percent, food products increased by 0.5 percent, non-food products - by 0.7. Inflation since the beginning of the year was 5.8 percent. Over the year (June 2021 to June 2020), prices have already increased by 9.9 percent. Most of all, non-food products are becoming more expensive.

At the same time, according to the plans of the authorities, by the end of the year (December 2021 to December 2020), inflation should not exceed 5 percent. According to forecasts of the Eurasian Development Bank, annual inflation in our country is unlikely to be below 9 percent in the coming months.

Belarusians expect that life will become more expensive

It should be said that the rise in prices for Belarusians is quite an expected phenomenon. According to the latest survey of inflationary expectations of the population, which is being conducted by the National Bank, the level of perceived inflation increased in June. If in March of this year, it was at the level of 12.9 percent, then in June, it was already 14.6 percent. For example, in the spring, the number of respondents who said that prices rose very strongly was slightly less than 50 percent; in June, the figure was 57.4 percent.

There are also more of those who are expecting higher prices in the future. So, in March, the share of those who predicted the acceleration of inflation amounted to 18.8 percent; by June, the "price pessimists" became 26.5 percent.

Against this background, the number of those who consider the current time favorable for large purchases has increased: 34.1 percent of those polled in June against 31.5 in March. Obviously, a simple everyday logic operates here: it is better to buy today because tomorrow it will be more expensive.

At the same time, there are more and more people who believe that the current time is suitable for large purchases with the help of loans (28.3 percent of respondents versus 23.7 percent in March). However, we add that almost half of the respondents (44.9 percent) admitted that they did not make large purchases in the last three months.

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