Inflationary pressures continue to decline in Belarus. According to a Eurasian Development Bank (EDB) review, annual consumer price growth slowed to 6.4% in January 2026, down from 6.8% the previous month. This is the second consecutive month of declining inflation.

The most noticeable slowdown was recorded in the food sector: food prices increased by 8.6% year-on-year, down from 9% the previous month. The EDB attributes this primarily to more moderate price movements for seasonal fruits and vegetables, which slowed to 3.7% from 4.9% in December. Non-food products also showed moderate growth, rising by 2.5% compared to 3% the previous month.

At the same time, inflation in the services sector accelerated slightly, reaching 8.2% year-on-year, down from 8% in December. The decision to postpone the planned increase in housing and utility tariffs from January to March was a restraining factor. Core inflation, which excludes the most volatile components, declined again, reaching 6.9% after 7.3% in the previous month.

According to EDB analysts, inflation in the country will remain close to the target of 7% in 2026.