Armenia records annual deflation of 0.9% in January 2024, prices rise 1.2% over the month

|

USD

392.54

EUR

425.47

RUB

4.6351

GEL

141.59

Economy

07.02.2024, 13:43

In January 2024, consumer prices in Armenia decreased by 0.9% compared to January 2023 and increased by 1.2% compared to December 2023, the National Statistical Committee (NSC) reported.

Armenia records annual deflation of 0.9% in January 2024, prices rise 1.2% over the month

YEREVAN, February 7. /ARKA/. In January 2024, consumer prices in Armenia decreased by 0.9% compared to January 2023 and increased by 1.2% compared to December 2023, the National Statistical Committee (NSC) reported.

According to the NSC, in January 2024, prices of food and non-alcoholic beverages decreased by 5.8% compared to January 202 and increased by 2.2% compared to December 2023.

Alcohol and tobacco prices were up 7.4% year-over-year in January and up 0.3% from December 2023. Apparel and footwear prices increased 1.9% and 0.4%, respectively, and utility prices increased 0.8% and 0.6%, respectively.

Prices for household goods, appliances, and routine home care activities rose 0.5% on a year-over-year basis in January and were down 0.3% from the previous month. Prices for medical services rose 1.7% in January y/y and 0.2% from December 2023, while prices for transportation rose 9.2% and 0.5%, respectively.

Prices for communication services fell 0.5% y/y and were unchanged from December 2023. Prices for recreation and cultural activities rose 1.3% and 1%, respectively. Education prices increased 4.8% in January 2024 compared to January 2023. Prices for restaurant and hotel services increased by 3.7%.

At the same time, according to statistical data, non-food products became cheaper by 0.6% in January 2024 compared to December 2022.

Armenia's economic growth forecast for 2024 is 7%, while inflation is set at 4% (±1.5%). -0-

Armenia's withdrawal from EEU at the stage of negotiations on joining the EU will cost 30-40% of its GDP – Shoigu

Armenia will lose many privileges if it joins the European Union, as it will have to withdraw from the Eurasian Economic Union (EEU), Secretary of the Russian Security Council Sergei Shoigu told reporters.

20.03.2025 19:54

Armenia and Russia discuss expansion of trade and economic cooperation

Armenian Minister of Economy Gevorg Papoyan, who is on a working visit to Moscow, discussed with Russian Minister of Economic Development Maxim Reshetnikov a set of issues related to the expansion of trade and economic cooperation between the countries.

20.03.2025 17:01

Armenia's economy may show growth of around 6% in 2025 - Central Bank Board member

Surveys conducted by the Central Bank of Armenia among participants in the real sector indicate that economic growth is expected to stabilize at around 5% in the long term, with expectations for the current year slightly below 6%, said Levon Sahakyan, a member of the Central Bank Board.

20.03.2025 14:44

Armenian parliamentary committee approves double taxation agreement with Hong Kong

The Parliamentary Committee on Economic Affairs gave a positive conclusion regarding the ratification of the agreement on the elimination of double taxation of income between Armenia and Hong Kong during a meeting on Wednesday.

19.03.2025 13:00

Armenia is ready to deepen trade and economic relations with EU in all areas – Minister

Armenia is ready to continue and deepen its trade and economic relations with the EU in all possible areas, said Economy Minister Gevorg Papoyan on March 18 during a meeting with Meglena Kuneva, a lecturer at the Diplomatic Academy of the European External Action Service, former chief negotiator and EU commissioner, and former Deputy Prime Minister of Bulgaria.

19.03.2025 09:49

Cadastre Committee to create passports for about 10,000 geographical names of Armenia

The Armenian Cadastre Committee will create 'passports' for about 10,000 geographical names and update the data in 2025, the head of the Committee Suren Tovmasyan said.

18.03.2025 18:14

"A busy year awaits us": Martin Galstyan on the impact of China's economy and trade wars on Armenia

The head of the Armenian Central Bank Martin Galstyan responded to a question whether the Stimulus Package, adopted by China and, in particular, the rise in copper prices, will affect Armenia's economy.

18.03.2025 17:56

Central Bank of Armenia left refinancing rate unchanged at 6.75%

At its meeting on March 18, the Board of the Central Bank of Armenia kept the refinancing rate unchanged at 6.75%.

18.03.2025 12:18