YEREVAN, OCTOBER 3, ARMENPRESS. Retail prices of butter rose only by 44-50% in Armenia during 1 and a half years, whereas the prices rose more than 130% internationally, Gnel Alaverdyan – director of the analytical department of Armenia’s State Commission for the Protection of Economic Competition (SCPEC) told a press conference.

Alaverdyan says the price increase is associated with developments in the international markets.

The commission is monitoring New Zealand butter in particular, since it is the preference among consumers.

“A continuous rise in butter prices has been observed since September of 2016. This price increase is seen not only in our country, butter prices have increased globally. According to the main New Zealander exporting companies, including Fontera, international prices of butter increased by more than 130% in the period from May 2016 to September 2017. This is a unique price rise. But in the same period the prices in our country rose by only 44-50%”, Alaverdyan said.

He said the commission continues monitoring the market.

Alaverdyan explained the price increase with the significant reduction of milk production volumes in New Zealand, the main butter exporting country.