Tuesday, June 9 2020 14:01
Karine Melikyan

In May 2020, y-o-y inflation in Armenia`s consumer market amounted to  1.2%, and in Jan-May - 2.5%

In May 2020, y-o-y inflation in Armenia`s consumer market amounted to  1.2%, and in Jan-May - 2.5%

ArmInfo. In January-May 2020,  inflation in the consumer market of Armenia was recorded at 2.5%,  against 2% inflation in the same period of 2019. According to the  Statistical Committee of the Republic of Armenia, this was triggered  by an increase in the prices of food products (including alcohol and  cigarettes) by 5.6% (against 3.7% a year earlier) and tariffs on  services - by 0.4% (against the same 0.4% a year earlier), with the  cheapening of non-food products by 0.5% (against the rise in price by  0.9% a year earlier). In y-o-y terms (compared with January-May  2019), the consumer market recorded inflation of 0.3% (versus  inflationary 1.9% a year ago), which was facilitated by a rise in  price of non-food products by 1.2% and an increase in tariffs for  services by 1,3%, while the cost of food products declined by 0.6%.

According to statistics, in May 2020 against May 2019, consumer  prices increased by 1.2% due to a rise in price of food products by  2% and increase in tariffs for services by 1%, while prices for  non-food products remained constant. In May alone, deflation was  recorded at 0.1% (versus the May deflationary 0.4% in 2019) against  the backdrop of drop of food products prices by 0.1% and non-food  products by 0.6%, while the tariffs for services remained unchanged.  In Yerevan, consumer prices decreased in May 2020 by 0.1% (against a  decrease of 0.5% in May 2019).  Vegetables in y-o-y terms (May 2020  against May 2019) fell by 3.7%, but in May alone - by 5%.

Meat products fell in price by 2.6% in y-o-y terms, and in May alone  - by 0.3%. Moreover, poultry meat price fell in y-o-y terms by 13.2%,  and in May alone - by 3.6%.

Coffee, tea, cocoa, vegetable and animal fats, and soft drinks fell  0.2-0.1% in May.  Fruits prices rose in y-o-y terms by 13.8%, and in  May alone- by 5.3%.

Dairy products, cheese and eggs fell in price by 2.9% in y-o-y terms,  but in May alone rose 0.4%.  Moreover, the price of eggs has  increased in May by 1.5%, with a y-o-y decline of 16%.

Sugar and granulated sugar rose in price in May by 0.3%, while y-o-y  prices dropped by 3.7%.  Alcoholic beverages and cigarettes rose in  y-o-y terms by 11.9% and 10.4%, respectively, but in May alone- by  1.9% and 0.8%.

In the non-food market, in May 2020, clothing prices fell by 2.4%,  shoes - by 2.1%, fuel and lubricants - by 1.2%, dishes and kitchen  utensils - by 0.9%, large household appliances - by 0.2%. In parallel  with this, furniture and gardening equipment rose in price in May- by  1.5%, cleaning and washing products - by 1%, jewelry - by 0.8%,  pharmaceuticals - by 0.6%, household appliances and horticultural  tools - by 0.4%.

Gasoline and diesel fuel fell by 9.8% and 15.4% in May, respectively.  In y-o-y terms (May 2020 to May 2019), gasoline and diesel fuel fell  by 31.1% and 31.8%, and only in January-May prices fell by 28.6% and  26.6%, respectively.

In May, the increase in tariffs for services was recorded in the  healthcare sector - by 0.2% (with a y-o-y increase of 1.9%), in  parallel with which there was a decrease in the cost of services in  the field of transport - by 0.6% (with a y-o-y decline of 3.7 %), in  the areas of culture and recreation - 0.6% (with a y-o-y decline of  1.2%), in the restaurant and hotel business - by 0.4% (with a y-o-y  increase of 0.2%). In May, tariffs for services in the fields of  education, communications, and housing and communal services remained  unchanged, while in y-o-y terms in the field of education, services  rose in price by 3.6% and housing and communal services - by 1.1%,  and in the communications sector services fell in price by 0 , 1% per  annum.

May deflation in the consumer market (0.1%) was accompanied by a  revaluation of AMD against the dollar by 0.9%. In January-May,  inflation in the consumer market (2.5%) was accompanied by a  devaluation of dram against the dollar by 1.2%, against inflation of  2% and revaluation of dram by 0.9% a year earlier. In May 2020, by  May 2019, the dram weakened against the dollar by 0.7% - to 484.1  AMD/ $ 1 with inflation of 1.2% (against 480.5 AMD / $ 1 with a  revaluation of 0.7% with inflation of 2, 8% a year earlier). 

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