Lowest inflation in region registered in Armenia

YEREVAN, DECEMBER 6, ARMENPRESS. Inflation in Armenia’s consumer market comprised 8.8% in November 2022 compared to November 2021, and 1.1% compared to October 2022, the Statistical Committee said.

In November 2022, compared to November 2021, 11.1% inflation was registered in food products and non-alcoholic drinks, and compared to October 2022 – 2.4%.

Regarding the prices of non-food products, the inflation here comprised 7.7% in November compared to last November. In November compared to October, the prices of petroleum and diesel fuel declined in Armenia by 2.5% and 4.5% respectively. Compared to November 2021, the price of petroleum declined by 3.3%, and that of the diesel fuel increased by 23.9%.

The prices of services have increased by more than 7% compared to November 2021.

In January-November 2022, the consumer price index comprised 8.7%.

In October 2022 compared to October 2021, the consumer price index in the countries of the Eurasian Economic Union (EAEU) increased by 13.4%:

Armenia – 9.5%

Russia – 12.6%

Belarus – 15.2%

Kyrgyzstan – 15.4%

Kazakhstan – 18.8%

Consumer prices have also increased in the countries of the region, particularly in Turkey – 85.4%, Georgia – 10.6% and Azerbaijan – 15.6%.

Among the EAEU states and the countries of the region, the lowest inflation was registered in Armenia (it was 9.5% in October 2022 compared to October 2021).

Recently the Eurasian Development Bank has presented a report about the forecasts of macroeconomic indicators for the EAEU states in 2023, stating that by the end of 2023 the lowest inflation will be registered in Armenia, around 4.6%.