EDB expects acceleration of inflation in Armenia by the end of the year

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Economy

09.10.2023, 10:40

The Eurasian Development Bank (EDB) expects inflation in Armenia to accelerate by the end of the year, but to remain below the Central Bank's projected target of (4%+-1.5%).

EDB expects acceleration of inflation in Armenia by the end of the year

YEREVAN, October 9. /ARKA/. The Eurasian Development Bank (EDB) expects inflation in Armenia to accelerate by the end of the year, but to remain below the Central Bank's projected target of (4%+-1.5%).

"Prices grew in Armenia by 0.1% y/y in September after a 0.2% y/y decline a month earlier. The slight acceleration was due to a drop in the rate of price decline in the food segment and imported fuel," the Kazakhstan-based bank said in the weekly macro review.

The review notes that the key factors limiting inflation in August and September were the weakening of external price pressure and tight monetary conditions.

The 12-month inflation in Armenia’s consumer market in late September 2023 amounted to 0.1%, according to the National Statistical Committee (NSC). The inflation rate in September 2023 was up 0/9% compared to August.

Armenian government’s growth projection for 2023 is 7%, while inflation is set at the level of 4% (±1.5%). The economic activity grew by 10.4% year-on-year over first 8 months.

According to the Central Bank's latest forecast, Armenia's economy will grow by 7.2% this year and the 12-month inflation will be a little lower of the projected 4% (±1.5%). -0-

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