Wednesday, September 8 2021 20:12

ArmInfo. In Jan-Aug 2021, inflation at 3.7% was recorded in the consumer market of Armenia, against 1.2% deflation in the same period of 2020. This was provoked  by a rise in prices for food products (including alcohol and  cigarettes) by 4.9% and non-food products by 5.2%, while tariffs for  services increased by 1.2%.

According to the Statistical Committee of  the Republic of Armenia, on a y-o-y terms (compared to Jan-Aug 2020),  inflation of 6.4% was recorded in the consumer market (against  inflation of 0.8% a year ago), which was facilitated by the rise in  prices for food and non- food products by 9.3% and 8.3% respectively,  and an increase in service tariffs by 1.9%. In Jan-Aug 2021, the  average monthly rise in prices on the consumer market amounted to  0.4%, against a 0.2% decline a year earlier.

In August 2021 to August 2020, consumer prices increased by 8.8%  (against an increase of 1.8% a year earlier) due to an increase in  the price of food products by 14.5% and non-food products by 9.4%,  with an increase in tariffs for services by 1.8%. In August 2020  alone, inflation was recorded at 0.4% (against 0.1% deflation in  August 2020) due to an increase in the price of food products by 0.5%  and non-food products by 0.4%, with an increase in tariffs for  services for 0.1%. In Yerevan, consumer prices increased by 0.4% in  August 2021, against a decline of 0.1% a year earlier.

Vegetables in August 2021 rose in price by 66.4% compared to August  2020, and in August alone- by 5.1%. At the same time, fruits fell in  price both on a y-o-y terms - by 8.7%, and in August - by 1.5%.

Prices for alcohol and cigarettes in August 2021 compared to August  2020 increased by 9.3%, and in August alone - by 0.1%. Moreover,  alcohol rose in price on a y-o-y terms by 8.7% (in August alone- by  0.2%), and cigarettes rose in price on a y-o-y terms by 10.4% (in  August alone - by 0.1%).

Dairy products, cheese and eggs have risen in price on a y-o-y terms  by 12.2%, and in August alone - by 0.4%. Moreover, the cost of eggs  increased on a y-o-y terms by 46.5%, while the price for August fell  by only 1.2%.

Meat products also went up in price on a y-o-y terms - by 9.9%, and  in August alone - by 0.7%. Moreover, pork rose in price on a y-o-y  terms by 40.3%, in August alone - by 6.5%.   Fish and seafood rose in price on a y-o-y terms by 25.5%, and in  August alone- by 1.5%. Moreover, the price of trout rose by 29.3% on  a y-o-y terms, and by 1.7% in August.  Vegetable and animal oils rose  in price on an annualized basis by 29.1%, with a decline in price by  3.5% in August. Moreover, sunflower oil jumped in price on an  annualized basis by 61.9%, while falling in price in August by 8.4%.  

Prices for sugar and granulated sugar increased by 36.2% on a y-o-y  terms, while in August they decreased by 1.5%.  Coffee, tea, cocoa  rose in price in August by 0.2%, and bakery products and soft drinks  - by 0.3%.  Gasoline and diesel fuel in August rose by 2.2% and 1.6%,  and - by 47.5% and 44.3%, respectively, on a y- o-y terms. And for  Jan-Aug of this year, gasoline and diesel fuel rose in price by 35.1%  and 41.7% respectively.

In terms of tariffs for services, the largest y-o-y growth in August  2020 was recorded in the field of transport - by 10%, medical  services - by 5.3%, as well as in the hotel and restaurant business -  by 2.6%, education - by 2.1%, and in the field of culture and  recreation - by 1.8%. In Jan-Aug 2021, the culture and recreation  sector also distinguished itself by an increase in tariffs for  services - 6.4%, the transport sector - 4.7%, the hotel and  restaurant business - 4.4%, medical services - 3.6%.  In August 2021,  an increase in consumer prices by 0.4% was accompanied by a 0.2%  devaluation of the dram against the dollar, and in Jan-Aug against  the background of inflation of 3.7%, there was a revaluation of the  dram against the dollar by 5.2% (against a deflation of 1. 2% and AMD  devaluation by 1.5% a year earlier). The calculated exchange rate of  the dram to the dollar in August 2021 averaged 491.7 AMD / $ 1,  exceeding the level of a year ago by 1.3% (485.5 AMD / $ 1).