Experts of the Institute of Forecasting and Macroeconomic Research have analyzed the impact of changes in the prices of basic consumer goods over the last 5 years on population welfare.
The results show that for the main part of the population, the price of gasoline, propane, and meat may have increased, because the dynamics of the income of the population grew more slowly than these types of goods.
On the other hand, the stability of electricity, gas, cottonseed oil, 1st grade wheat flour, air transport and railway transport, tuition fee higher education (university), pre-school educational institutions (kindergarten) payment prices has had a positive effect on the purchasing power of the population. Because the price of these goods and services has grown much slower than income.
It is noted that the prices of energy, transport and communication services are regulated by the state, and during and after the pandemic, the state supports the population, including by ensuring that the prices of certain regulated goods and services do not change.
In short, the growth dynamics of the average wage is faster than the price of many goods and services, which has had a positive effect on the level of well-being of the population. At the same time, the fact that gasoline and propane prices have increased faster than wages may have had a negative impact on the well-being of car owners.
As of September 1, the year-to-date inflation rate was 6.98%. The Central Bank expects inflation to be slightly above 12% in 2022.
