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Belarus has highest inflation in Europe: report


10:16, November 30, 2011

MINSK, Nov. 29 (Xinhua) -- Belarus was leading European countries in the growth of consumer prices, the Belarusian National Statistical Committee said in a report Tuesday.

According to the report, consumer prices in Belarus grew 8.2 percent in October while most other European countries, including Russia, Bulgaria, Spain, Hungary, Italy and Ireland, kept their inflation rates under 1 percent.

The growth in consumer prices in Belarus amounted to 88.7 percent when comparing October 2011 to December 2010, the report said. Over the same period, however, the figure was 6.5 percent in Kazakhstan, 5.2 percent in Russian, 4.2 percent in Ukraine, and 0. 1 percent in Norway.

Over the past year, the price of cigarettes and tobacco products shot up by 91.9 percent in Belarus, while in Bulgaria the price rose 0.2 percent, Russia 9.4 percent and Ukraine 10 percent.

The prices of household appliances in Belarus increased by 102. 4 percent on average, while in other monitored countries the figure was between 0.1 and 10.5 percent, the report said.

The Belarusian ruble lost two-thirds of its value this year as a result of a balance-of-payments crisis. The central bank has raised its refinancing rate to 40 percent.


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