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Experts Discussed Measures to Stabilize Consumer Prices Growth in EAEU Countries
Authorised representatives of the Eurasian Economic Union discussed measures to maintain consumer price stability in the EAEU countries at a seminar held on November 6 at the headquarters of the Eurasian Economic Commission.
In the context of rising global prices, trade and economic restrictions and the restructuring of logistics supply chains, the Eurasian Five states took measures aimed at curbing price increases in order to achieve national inflation targets.
To stabilize consumer prices, the monetary regulators kept key rates increased in recent years. In most countries of the Union, authorized bodies took measures to temporarily regulate prices for certain socially important goods, restrict exports of certain types of goods, saturate the domestic market, monitor trade markups, provide soft loans and tax breaks, and subsidize agricultural producers.
As the measures taken in the EAEU countries were timely and extensive, they led to stabilized inflation and increased price stability. As of the end of September, the inflation rate in the EAEU countries amounted to: 0.6% in Armenia, 6.0% in Belarus, 8.3% in Kazakhstan, 4.9% in Kyrgyzstan, Russia - 8.6%.
The seminar was attended by members of the Working Group on the calculation of macroeconomic indicators that determine the sustainability of economic development of the Eurasian Economic Union Member States and assess their compliance.
In accordance with the Agreement on the Union, one of the main macroeconomic indicators determining the sustainability of economic development of the EAEU countries is the inflation rate. The Commission monitors the inflation rate in the Union countries on a regular basis: https://eec.eaeunion.org/upload/medialibrary/c62/51lifdqd70f5xh16q0rlpl0faaioegi1/Monitoring-pokazateley_-opredelyayushchikh-ustoychivost.pdf.
