In Armenia, industrial price index increased from 101.3% to 102.9% in  January-September 2024 

ArmInfo.In Armenia, the industrial price index increased in January-September 2024 compared to the same period in 2023, reaching 102.9% from  last year's 101.3%.  

This increase was noted alongside a double-digit growth in the industrial sector of 12.6%, totaling AMD 2.1 trillion ($5.4 billion).  This marks a significant improvement from the 0.6% decline recorded  the previous year. These data are provided in the report released by  the RA Statistical Committee.

 According to statistics, in September 2024 the industrial price  index increased to 102.9%, compared to September 2023. This was also  observed a year earlier in September 2023 compared to September 2022,  but at that time this figure was higher - 105.2%. During the period  under review, the volumes of the industrial sector also showed growth  of 4.6%, while a year earlier a decline of 4.3% was recorded. It is  noteworthy that inflation in the consumer market of Armenia decreased  significantly during these periods.  In particular, in  January-September 2024, inflation reached zero compared to 2,8 % in  the same period in 2023. In September 2024 inflation increased to  0.6% from 0.1% a year earlier compared to September 2023.

 Moreover, zero inflation in the consumer market in January-September  2024 was supported by a 2.1% decline in food prices. Low annual  inflation in September 2024 came from a 1.7% decline in non-food  prices and a 0.5% decline in food prices, while utility tariffs  continued to rise during these periods. For comparison, in 2023,  during the same periods, the following dynamics of food prices were  recorded: in January-September - an increase of 1.5% per annum, in  September - a decline of 1.9% per annum.  Additionally an increase in  the price of services was observed during these periods, similar to  the current trend.

 It is worth noting that there has been a slowdown in the annual  growth of economic activity in Armenia from 9.7% to 8.7% in  January-September 2024, with a slight acceleration of growth in  September of this year from 5.6% to 7% per annum. Additionally, there  has been an acceleration in the annual growth of foreign trade  turnover in January-September 2024 to 73.5% from last year's 47.2%,  due to the acceleration of export growth from 48.5% to 2.1 times and  import growth from 46.4% to 54.2%. Moreover, in September 2024,  compared to September 2023, the volume of foreign trade accelerated  in growth less noticeably - from last year's 15.9% to the current  22.4%. This increase was largely due to the accelerated growth rates  of exports from 31.5% to 38.9%, rather than imports  which increased  from 5.6% to 11.9%.  (The average settlement exchange rate of the  dram in January-September 2023 was AMD 393.34 / $ 1).