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Inflation in Belarus set to remain at 12% in 2016

Under the influence of external factors, inflation level in Belarus in 2016 should remain at the same level as in 2015 - 12%. Experts do not predict a sharp rise in prices in Belarus in 2016. 

The highest growth rate in 2015 was in paid services followed by non-food products (+11.5%). Food prices are rising at roughly the same level.

Experts note that the economic situation in the country will largely depend on the situation on foreign markets. All eyes are on the cost of oil and the situation in countries that are major trading partners of Belarus.

Irina Novikova, Doctor of Economics:
We see what is happening in the global economy. On the other hand, we also know what is happening in the former Soviet Union, for example Ukraine as it broke away from Russia, severing all cooperation ties. Accordingly, this affected the economy of Ukraine and the Russian economy, and we are very closely connected with these two countries. So it hit the Belarusian economy. We are very dependent on oil prices, because our core businesses are connected with oil refining. The higher the oil the more income we receive. Unfortunately, oil is now falling.

Irina Novikova, Doctor of Economics