Annual inflation in Armenia was 1.4 per cent in July

YEREVAN, 5 August. /ARKA/. Armenia's 12-month inflation rate in July 2024 was 1.4 per cent, while July prices decreased by 0.4 per cent compared to the previous month, the National Statistical Committee (NSC) said in a report.

Prices of food and non-alcoholic beverages in July 2024 increased by 0.7 per cent compared to July 2023 and decreased by 1.3 per cent compared to June 2024.

Alcohol and tobacco prices increased by 4.3 per cent in July on an annualised basis and by 0.1 per cent compared to June 2024.

Clothing and footwear prices decreased by 2 per cent in July 2024 (down 0.9 per cent month-on-month), while utilities increased by 0.4 per cent and 0.6 per cent respectively.

Prices for household goods, appliances, and daily household activities decreased 2.5 percent in July 2024 and 0.7 percent from June 2024.

Health care prices rose 1.2% year-over-year in July (down 0.1% month-over-month), while transport prices increased 10% (up 1.7% month-over-month).

Also, prices for communication services increased by 0.5% (down 0.1% from June), prices for recreation and cultural activities increased by 0.6% (down 0.5% month-on-month), education prices increased by 4.8%, prices for restaurants and hotels increased by - 3.1% year-on-year and 0.2% from June 2024, and prices for miscellaneous goods and services decreased by 1.4% in July and 0.5% from June.

Meanwhile, statistics show that prices of non-food items decreased by 0.5 per cent in July 2024 compared to July 2023 and by 0.3 per cent from June this year.

In addition, services in July 2024 rose in price by 3.1 per cent YoY and 0.6 per cent MoM.

Armenia's economic growth is set at 7 per cent in the state budget for 2024. The Central Bank of Armenia expects the economy to grow in the range of 6.1-6.8% in 2024. -0-