Belarus slaps price caps on consumer goods

Crisis-hit Belarus imposed price caps on all consumer goods on Thursday to fight spiralling inflation and calm a new wave of protests against President Alexander Lukashenko's authoritarian regime. Deputy Prime Minister Vladimir Semashko told a parliament meeting that the former Soviet republic was moving into a period of "temporary administrative control".
"We have frozen prices on manufactured goods," Semashko told lawmakers. "There is no reason for prices to grow further on the retail market." "We have created a mechanism for capping prices and moving under temporary administrative control," he said. The dramatic announcement came during the worst crisis to plague the economy since Lukashenko - a former collective farm boss who has kept most production under state control - became president 17 years ago. Consumers have been hoarding basic food products and besieging exchange points for hard currency amid fears that the local ruble will lose value further and inflation will spiral.