Thursday, January 12 2017 14:06
Karine Melikyan

Consumer market of Armenia experiences deflation for the second year in a row - 1.1% in 2016 versus 0.1% in 2015

Consumer market of Armenia experiences deflation for the second year in a row - 1.1% in 2016 versus 0.1% in 2015

ArmInfo. The consumer market of Armenia experienced deflation for the second year in a row - 1.1% in 2016 versus 0.1% in 2015. This was mainly due to reduction in nonfood prices (3.4%), tariffs of services (0.7%) and food prices (0.2%). In Jan-Dec 2016 versus Jan-Dec 2015, the consumer market of Armenia saw 1.4% deflation due to 3% and 2.5% reduction in food and nonfood prices, respectively, amid 1.8% growth in services tariffs.

In December 2016, consumer prices grew by 1.1% (versus 1.7% growth in Dec 2015). In December 2016, food products rose in price by 3.1% (2.8%, alcohol and tobacco inclusive), nonfood items rose in price by 0.8%, and the tariffs of services grew by 0.2%. The Armenian National Statistical Service has told ArmInfo that in Jan-Dec 2016 the average monthly decline in consumer prices made up 0.1% versus 0.01% decline a year before.

In December 2016, the 3.1% inflation (alcohol and tobacco exclusive) on the food market of Armenia was mostly due to 27.7% growth in vegetable and potato prices. Fruit grew in price by 2.8% in December 2016.  Granulated sugar, alcohol and cigarettes rose in price by 0.2%; meat products, animal fat and vegetable oil - by 0.1%; dairy products, juices, coffee, tea and cocoa underwent no changes in price. At the same time, confectionary dropped in price by 1.1%, cereal products - by 0.2%, eggs - by 0.5%.

On the nonfood market, footwear dropped in price by 3.6%, cosmetics - by 2.9%, household appliances - by 2.8%, sanitary products - by 2%, detergents - by 1.7%, clothes and knitwear - by 1.4%, construction materials - by 1.2%, furniture - by 1%, carpets and gardening items - by 0.1%. At the same time, pieces of art grew in price by 1.3%, medicaments - by 1.2%, jewelry - by 0.6%, stationery - by 0.2%, textile - by 0.2%, fuel - by 0.1%. Petroleum and diesel fuel fell in price by 4.1% and 1.2%, respectively.

As regards the tariffs of services, travel agencies' services grew in price by 5.9%, legal and banking services - by 2.2%, public catering services - by 0.2%. At the same time, culture and transport services fell in price by 0.9% and 0.3%, respectively. Utility services, as well as the services in medicine, communications and education underwent no changes in price.

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