Year-on-year consumer price index in Armenia ups 7.4% in March 2022
YEREVAN, April 5, /ARKA/. In March 2022, the 12-month consumer price index (CPI) in Armenia was 7.4% compared to March 2021, the National Statistical Committee (NSC) said.
It said consumer prices in March 2022 were 1.8% higher compared to February 2022. The first quarter inflation in 2022 was up 7% compared to the same time span in 2021.
In March 2022 food and non-alcoholic beverage prices were up 12.8% 022 compared to March 2021, and down 2.3% compared to February 2022.
Compared to March 2021, prices of alcohol and tobacco products rose by 7.3%; prices of clothing and footwear rose by 7.2%, while utility bills upped by 4.9%.
Prices for household goods and appliances rose 4.5%, health care prices rose by 0.8%, transportation prices upped by 3.8% (1%), communications – by 0.1% , recreation and culture services - by 12%, education services grew by 1.4%, restaurants and hotels prices – by 5.5% and various other goods and services – by 3.7%.
At the same time, prices of non-food products in March 2022 rose by 4.8% compared to March last year and by 1% compared to February this year.
Also, services rose in price by 3.3% in March 2022 compared to March 2021 and by 1.7% compared to February this year.
Armenian government’s growth projection for 2022 is 7%, and inflation is set at 4% (± 1.5%). Earlier, the Central Bank revised down its earlier growth projection from 5.3% to 1.6% citing regional and global spillovers from the Russia-Ukraine conflict that would inevitably have a notable impact on Armenia.
The European Bank for Reconstruction and Development (EBRD) also downgraded its forecast for Armenia's economic growth in 2022 to 1.5%. In its previous report last November, the EBRD expected Armenia's economy to grow by 5.3% in 2022 and by 4% in 2023.
According to IMF, the wide-ranging sanctions on Russia, higher food and fuel prices, lower remittances, increased global financial market volatility are expected to widen Armenia’s current account deficit, lead to a pickup in inflation, and reduce economic growth in the coming months. -0-
