Inflation Review

Inflation in Belarus declined significantly in Q3-2025 and is expected to settle near 7.5% YoY by the end of 2025.

Annual inflation stood at 7.1% YoY in September 2025. The annualized quarterly price growth slowed more than twofold – to 5.1% QoQ in Q3-2025 (seasonally adjusted). The decline in inflation was driven by a corrective drop in fruit and vegetable prices, weaker price pressure from the Russian market, the overvaluation of the Belarusian ruble, and tighter price controls on selected items in the consumer basket. At the same time, the acceleration in price growth for non-regulated services – remaining above 10% QoQ – indicates the persistence of inflationary pressure from overheated domestic demand and the labor market.

A more detailed analysis of inflationary processes can be found in the attached document.