Armenian dram's devaluation triggers 15-20% price hikes

Armenian dram's devaluation triggers 15-20% price hikes

YEREVAN, December 15. /ARKA/. The Armenian dram's devaluation has driven commodity prices in Armenia 15-20% up, Melita Hakobyan, chair of the Armenian National Academy of Consumers, said Monday at a news conference. «Prices will keep growing,» she said. 


Ruben Aytyan, vice president of the Armenian National Academy of Consumers, on his side, said that prices for grains surged even 40%. 

Fever at Armenia's forex market began on November 24, when the national currency plunged 16.6 percentage points hitting its record high in the last eight years. The dollar is now continuing its upward motion. Today it traded at 471.78 drams. 

Earlier, Arthur Javadyan, head of the Central Bank of Armenia, said that the national currency's devaluation will create additional inflation pressure ranging from 1.5 to 2% in the fourth quarter of this year and the first quarter of the next year, but later this pressure will subside. 

Summarizing the results of this year and assessing things at Armenia's consumer market, the representatives of the Armenian National Academy of Consumers rated market things as positive.

«Quality of the products offered at our market is gradually improving, and this will be noted also at the international level,» Hakobyan said. «However, we have certain problems.» 

As one of these problems, she pointed out that bread, other bakery products, meat and dairy products are sold with no characteristics and without information about importer countries on their labels. 

According to the National Statistical Service of Armenia, a 2.8% year-on-year inflation was recorded in the country in Jan-Nov 2014. 

In the government budget for 2014, inflation is projected at 4% (±1.5%). The same inflation rate is projected also in the 2015 government budget. ---0-----

18:40 15.12.2014





 

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