Armenia’s 12-month consumer inflation amounts to 9.9% in September 2022

YEREVAN, Oct. 5. /ARKA/. The 12-month consumer inflation in Armenia amounted to 9.9% at the end of September 2022, the National Statistical Committee (NSC) said today. It said the inflation rate in September this year was 0.6% higher than in the previous month.

According to the NSC, the prices of food and non-alcoholic drinks in late September 2022 were higher 13.7% year-on-year. Prices for alcoholic and tobacco products rose by 8.9%. Prices of clothing and footwear rose by 10% and utilities - by 7.6%.

Also, prices of household goods, appliances rose 10.3%; health care services rose by 2.3%, transportation prices upped 9.4%, communications rose in price 0.6%, recreation and culture prices upped 15.5%, education prices grew by 4.7%, visits to restaurants and staying at hotels by 8.6%.

Prices for non-food products in September 2022 amounted to 8.1% compared toSeptember last year. Also, prices for services rose 7.2%.

The Armenian government’s growth projection for 2022 is 7%; the inflation is set at 4% (± 1.5%).

Armenia's Central Bank revised earlier upwards its economic growth forecast for 2022 from 4.9% to 12.9%.

According to the World Bank’s latest Global Economic Prospects report, Armenia's GDP in 2022 is expected to grow by 3.5%, down 1.3 p.p. from the previous forecast, made in January.

World Bank analysts expect Armenia's GDP to grow by 4.6% in 2023 (0.8 p.p. down from the January forecast) and by 4.9% in 2024.

The International Monetary Fund (IMF) expects Armenia's GDP growth to reach 5 percent in 2022, while inflation is projected to increase temporarily before moderating by the end of the year.

The Asian Development Bank (ADB) said in its September update of the Asian Development Outlook report that it expects Armenia’s economy to grow by 7% in 2022 and to slower to 4.5% in 2023.-0-