Tuesday, January 23 2018 15:45
Naira Badalian

Central Bank Head: the average consumer spends almost half of his income on purchasing food

Central Bank Head: the average consumer spends almost half of his income on purchasing food

ArmInfo. The head of the Central Bank Artur Javadyan believes that, given the financial possibilities under inflation conditions, it would be a sensible step to index pensions and wages. This January 23, he said during the parliamentary hearings on the significant increase in prices for certain types of goods.

According to him, pension reform is currently underway in Armenia, thanks to which in a few years everyone will have the opportunity for a decent old age and the appropriate amount of pension.

According to Javadyan, the proportion of food products in the consumer basket in Armenia (about 46 thousand AMD, according to the National Statistical Service for the third quarter) is 41%, which means that the average consumer spends almost half of his income on food. In neighboring Georgia, this indicator is at the level of 30%, in Russia - 31%, in Turkey - 22%, in the USA is 10-11%, and in developed countries less than 15%. Thus, the increase in food prices in Armenia is more conducive to the growth of the inflation rate than in the listed countries. In addition, as Javadyan pointed out, there are groups of goods, which account for the largest expenditures in the consumer basket of the Armenian population - 74% of total costs are food, utilities, healthcare and transport. In Georgia, the figure reaches 60%, Russia - 65%, in Turkey - 61%.  "As a result, the rise in price of these goods and services in Armenia leads to even more inflation than in neighboring countries," Artur Javadyan explained.

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