Wednesday, January 12 2011 13:19

Mega-regulator considers risk of repeated slump of Armenia's agriculture unlikely


ArmInfo. Armenian Central Bank Board made a decision at January 11 session to keep the refinancing rate at the level of 7,25% once again, the mega-regulator's press service told ArmInfo.

According to the source, 1,8% inflation was fixed in Armenia in December 2010 as compared to November, and annual inflation made up 9,4%.

Armenian CB Board stated that high inflation is still conditioned by rise in prices for agricultural products and rise in international prices for foodstuffs. Annual inflation in the food market made up 7,5%. According to CB data, 5% influence on inflation was exerted by growing prices of fruits, vegetables, meat products, dairy products, cereal products, eggs and 2% price hike of imported foodstuffs.

The Board thinks that inflation pressure from the external market is progressively raising. Along with the inflation pressure, formed against the background of the last-year slump of agriculture, this raises indirect influences and inflation expectations. Nevertheless, Armenia's CB Board considers the risk of serious slump of agriculture and increase of inflation pressure in 2011 unlikely.

CB Board thinks that slow recovery of the general demand against the background of internal economy development creates no inflation pressure as yet. However, under similar increase of the afore-mentioned risks it is probable that inflation will exceed the top bar of the target limit.

To recall, The Armenian CB Board raised the refinancing rate from 7% to 7,25% on May 11, 2010.
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