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  • Comparative analysis of the inflation rate in the consumer sector of the economies of the EAEU1 member countries in October 2020

    In October 2020, compared to the previous month, an increase in consumer prices and tariffs was recorded in the EAEU member countries.

    Inflation rate in the consumer sector of the EAEU member countries

    (as a percentage, increase +; decrease-)

    October to September October to December of the previous year Average monthly increase (decrease) rates

    in January-October

    2019 2020 2019 2020 2019 2020
    Armenia 0,6 0,5 -1,6 -1,0 -0,1 0,1
    Belarus 0,5 0,6 3,9 5,4 0,4 0,5
    Kazakhstan 0,6 0,6 3,9 5,5 0,4 0,5
    Kyrgyzstan 0,5 2,3 1,2 5,3 0,1 0,5
    Russia 0,1 0,4 2,4 3,3 0,1 0,3

    1 According to statistical services

    In October 2020, compared to December 2019, the maximum inflation rate (5.5 percent) in the consumer sector of the economy was recorded in the Republic of Kazakhstan, while in the Republic of Armenia deflation (decrease in consumer prices and tariffs) by 1.0 percent was recorded.

    At the same time, in the Kyrgyz Republic in October 2020 compared to December 2019, prices and tariffs for food products increased the most (by 8.9 percent) (including alcoholic beverages and tobacco products), and in the Republic of Belarus the maximum increase was recorded in prices for non-food products – 7.3 percent and services – by 6.0 percent. At the same time, the maximum decrease in retail prices for food products was observed in the Republic of Armenia (by 3.4 percent).

    Inflation rate in the consumer sector by groups of goods and services in the EAEU1 member countries in October 2020

     (as a percentage, increase +; decrease-)

    All goods and services including
    food products2 non-food products services
    To the previous month
    Armenia 0,5 0,8 20,7 0,0
    Belarus 0,6 0,6 0,9 0,3
    Kazakhstan 0,6 0,8 0,6 0,4
    Kyrgyzstan 2,3 3,4 0,6 1,5
    Russia 0,4 0,6 0,7 -0,1
    To December of the previous year
    Armenia -1,0 -3,4 0,4 1,2
    Belarus 5,4 3,5 7,3 6,0
    Kazakhstan 5,5 8,3 4,5 3,0
    Kyrgyzstan 5,3 8,9 0,5 1,7
    Russia 3,3 3,7 3,8 2,2

    1 According to statistical services.

    2 Including alcoholic beverages and tobacco products.

    LAGARDE: ECONOMY OF THE EUROZONE WILL NOT RETURN TO PRE-CRISIS LEVELS IN 2021

    PANDEMIC COVID-19

    President of the European Central Bank informed that the news of the emergence of a vaccine against coronavirus will not affect the bank’s plans to stimulate the economy.

    NEW YORK, November 17. / TASS /.  President of the European Central Bank (ECB) Christine Lagarde believes that the eurozone economy is unlikely to recover to pre-crisis levels in 2021. She expressed this opinion on Tuesday at the international forum “New Economy” organized by the Bloomberg agency, held in an online format.

    “I think that the first half of 2021 will certainly be difficult, and by the end of the year we will not reach the level that was before the pandemic,” Lagarde said, adding that the key task now is to prevent the economic crisis from escalating into a financial one. … “We need to avoid this as it can be an aggravating factor,” she said.