Tuesday, May 17 2022 14:00

ArmInfo. Inflation in the consumer market of Armenia in January- April 2022 amounted to 5.8%, compared to 5.1% inflation in the same period of 2021. According to the RA  Statistical Committee, this was provoked by an increase in the prices  of food products (including alcohol and cigarettes) by 9.7% (against  8.6% a year earlier), non-food products - by 3.3% (against 5% a year  earlier) and tariffs for services - by 3% (against 1.1% a year  earlier).

In January-April 2022, compared to January-April 2021, inflation of  7.4% was recorded on the consumer market (against inflation of 5.4% a  year ago), which was facilitated by a rise in prices for food and  non- food products by 12.2% and 5.6 % respectively (against 7.6% and  7.3% a year earlier) and an increase in tariffs for services by 2.8%  (against 1.9% a year earlier).

In April 2022, by April 2021, consumer prices increased by 8.4%  (against 6.2% growth a year earlier) due to an increase in the price  of food products by 13.6%, non-food products - by 6.1%, and an  increase in tariffs for services for 3.8%, while a year earlier there  was an increase in food prices by 8.3%, non-food prices - by 8.5% and  tariffs for services - by 2.4%.

In April alone, the consumer market recorded inflation of 2.3%  (against 1.3% a year earlier) due to a rise in prices for food  products by 3.7% (against 2.5% a year earlier), non-food products -  by 2% (against 0.7% a year earlier), and an increase in tariffs for  services by 0.7% (against 0.1% a year earlier). Consumer prices in  Yerevan increased by 2.4% in April 2022, against an increase of 1.2%  a year earlier.

The April inflation in the consumer market (2.3%) was accompanied by  a revaluation of the dram against the dollar by 5.2%, while a year  earlier, with inflation of 1.3%, the revaluation of the dram against  the dollar was only 0.4%. In January-April 2022, inflation in the  consumer market (5.8%) was accompanied by a revaluation of the dram  against the dollar by 2.9%, while a year earlier, with inflation of  5.1%, there was a devaluation of the dram against the dollar by 1.3%.  In April 2022, by April 2021, the revaluation of the dram against the  dollar was 10.4%, amounting to 471 AMD/$1 with inflation of 8.4%,  against 525.6 AMD/$1 with y-o-y inflation of 6.2% in April 2021.

It should be noted that the World Bank forecasts inflation in Armenia  in 2022 at the level of 9.8%, expecting a subsequent decrease in 2023  to 7.5% and in 2024 to 6.8% (against actual inflation of 7.7% in  January-December 2021, with y-o-y inflation of 7.2%). According to  the forecast of the International Monetary Fund, inflation in Armenia  will remain high - in 2022, on average, at the level of 7.6%.   According to the March forecast of the Central Bank of the Republic  of Armenia, inflation in Armenia will decrease to 6.6% by the end of  2022 from 7.7% in 2021, with a subsequent y-o-y decline to the target  4% in 2024.