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.
