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MINSK, 26 August (BelTA) – Competition will help reduce the price rise in Belarus, head of the chief department for macroeconomic analysis and forecasting of the Economy Ministry of Belarus Anton Dolgovechny told reporters on 26 August, BelTA has learnt.
The Economy Ministry is now busy adjusting the inflation rate for 2011, Anton Dolgovechny said. “The earlier inflation forecast for 2011 is no longer relevant,” he said. Over the seven months the composite index of consumer prices made 141%, including that of foodstuffs 141.5% and non-foods 152.3%.
At the same time, “price restriction is not good”, Anton Dolgovechny emphasized. The experience of other countries shows that price restrictions lead to distortions and disproportions. In his words, this kills competition, business, and causes deficit of goods on the domestic market. “Something like that is going on now, including panic buying and price distortions,” the Economy Ministry representative said. The ministry believes that the absence of price regulation and a stronger competition are among the major factors of economic growth.
Price regulation confuses manufacturers and investors and suppresses market signals. “Therefore, no matter how unpopular this may sound, but competition will help drive prices down,” Anton Dolgovechny underlined. In this connection, the consistent implementation of Directive No. 4 will contribute to fighting inflation in Belarus, the expert added.
