Belarus dictator Lukashenko BANS price increases with immediate effect to curb rampaging inflation

Belarusian dictator Alexander Lukashenko has completely banned price increases with immediate effect to curb rising inflation.

Known for his unusual policies, Vladimir Putin’s authoritarian ally is desperately trying to cut consumer prices, which have risen 18 percent annually.

He said at a meeting with officials today: “As of October 6, all price increases are prohibited. Forbidden!

‘From today. Not from tomorrow, but from today. So that prices are not pushed up in the next 24 hours.’

Belarus has been hit by a wave of Western sanctions for helping Putin carry out his savage war in Ukraine, and the penalties add to the former Soviet country’s economic hardship.

Lukashenko allowed his territory to be used by Moscow’s troops to launch their military campaign against Kiev in February.

He added today: ‘Meat, dairy products, poultry… are getting more expensive. In Minsk there has been a shortage of eggs in recent days.’

“The task is to return to an inflation rate of 7-8 percent next year,” he added.

Price controls have been imposed by other governments around the world with limited success, often on specific products.

Most economists say that artificially restricting prices in a free market leads to shortages or an increase in black market activity.

Companies earn less and demand increases due to lower prices, which the supply cannot match.

Lukashenko allowed his territory to be used by Moscow’s troops to launch their military campaign against Kiev in February

Richard Nixon imposed a 90-day freeze on wages, prices and rents after a rise in inflation in 1971.

While they initially helped contain rising costs, they skyrocketed once restrictions were eased, leading to another freeze.

Critics say it also limits innovation and growth, and huge queues for essentials could soon build up across Belarus.

Lukashenko has previously made radical suggestions, such as drinking a shot of vodka daily to ward off the coronavirus.

The world is currently grappling with soaring inflation and a cost of living crisis exacerbated by the pandemic and Putin’s barbaric invasion.

Today, the International Monetary Fund again lowered its forecasts for global economic growth in 2023, forecasting global economic growth to fall by $4 trillion until 2026.

IMF director Kristalina Georgieva told a Georgetown University audience on Thursday that “it gets worse before it gets better.”

Volunteers remove debris from building in search of survivors after strike in Zaporizhzhya today

Central banks around the world are also raising interest rates in hopes of curbing rising inflation.

“The risks of a recession are mounting,” Georgieva said, adding that the IMF estimates that countries that make up one-third of the global economy will see at least two consecutive quarters of economic contraction this year or next.

Meanwhile, Putin said today that consumer demand remained weak and that he expected sanctions to increase pressure on the Russian economy, in televised comments from a meeting with government officials.

“In general, the situation here is stable,” Putin said. “At the same time, it is important to understand that sanctions pressure on Russia will only increase.”

The West hit Moscow with unprecedented sanctions after Russia sent tens of thousands of troops to Ukraine on February 24 in what it calls a “special military operation.”

But the Russian economy has defied some Western analysts’ predictions that it will see a 15% drop in gross domestic product (GDP) this year.

The Russian Ministry of Economy now expects a 2.9% contraction in 2022, while Western leaders hope the impact of sanctions will be long-lasting, holding back the Russian economy for years.