Consumer prices in Belarus grew by 0.4% month-on-month (consumer prices rose by 2.2% YTD) in March, according to the nation's statistics service Belstat. Annual inflation fell to 5.8% in March from 6.2% a month earlier.
According to the newly-approved programme of the Belarusian government, the key refinancing rate is projected at 10% at the end of 2019, 9.5% at the end of 2020 and 9% at the end of 2021. The average midterm consumer price index growth is projected at 5.3% in 2019, 5% in 2020, and 4.5% in 2021.
In February, the National Bank of Belarus (NBB) kept its key refinancing rate unchanged at 10%. The regulator attributed its latest move to the fact that "the prevalence of factors allow hitting this year's inflation target without adjusting the monetary conditions". The move followed June's cut from 10.5% to 10%.
According to official data, consumer prices in Belarus reportedly increased by 5.6% y/y in 2018, 4.6% y/y in 2017, 10.6% y/y in 2016 and 12% y/y in 2015.