Annual inflation in Armenia in August 2022 was 9.1%

YEREVAN, September 5. /ARKA/. Armenia's 12-month consumer inflation in August 2022 upped 9.1%, according to the latest numbers, released by the National Statistical Committee (NSC). In August 2022, the inflation was up 0.2% from July.

In August 2022, prices of food and non-alcoholic beverages increased by 12.5% compared to August 2021 and decreased by 0.3% from July.

Prices of alcohol and tobacco products were up 8.3% compared to August 2021 and down 0.2% compared to July this year.

Prices for clothing and footwear increased by 10.5% and fell by 0.1% respectively. Utilities bills rose by 7.3% and dropped by 0.6% respectively.

Household goods, appliances rose in price by 10.2% and 1% respectively. Health care prices rose 2.2% and 0.2% respectively , transportation prices rose 8.7% and 0.1% respectively, communications prices rose by 0.6% and dropped by 0.1% respectively, recreation and culture prices were up 14.1% and 1% respectively, education prices were up 1.5% and 0%, restaurants and hotels prices grew 7.8% and 0.7%.

According to the statistical data, prices for non-food products in August 2022 grew by 8.2% compared to August last year, and by 0.4% compared to July this year. Prices for services were up 6.2% and 0.6% respectively.

In January-August 2022 prices increased by 8.4% against the same period of 2021. Armenia's GDP in the second quarter of 2022 registered a growth of 13% compared to the same period in 2020.

Central Bank Governor Martin Galstyan expects Armenia to end the current year with inflation exceeding 8%.

Armenian government’s growth projection for 2022 is 7%, and the inflation is set at 4% (± 1.5%). Armenia's Central Bank revised earlier upwards the country's GDP growth forecast for the current year from 1.6% to 4.9%