06.Jul .2022 15:30

Armenia’s 12-month inflation in June 2022 amounts to 10.3%

Armenia’s 12-month inflation in June 2022 amounts to 10.3%
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Armenia’s 12-month inflation in June 2022 amounted to 10.3%, the National Statistical Committee (NSC) said today.

It said the upward pressure came primarily from prices of food and non-alcoholic beverage, which surged by 17.1%.

In June 2022 alcohol and tobacco products prices were up 8.1% from the year before. Prices for clothing and footwear rose by 10.5% , while the cost of utilities grew by 6.7%.

The prices of household goods, appliances, and daily care activities rose 7.1%. Health care prices were up 1.2% compared to June 2021, while transportation prices upped by 9.2%.

Also, communications prices grew by 0.5%, recreation and leisure prices grew by 14.7%, education prices upped by 1.5% and prices of restaurant and hotel industries were up 6.8%.

According to statistical data, the prices for non-food goods in June 2022 were up 7.5% compared to June last year and prices for services were up 5.3%.

According to NSC, Armenia's economic activity expanded by 10.2% in the first five months of 2022 compared to the same period of 2021.

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%

According to the World Bank’s latest Global Economic Prospects report, Armenia's GDP in 2022 is expected to grow by 3.5%, down 1.3 p.p. from the previous forecast, made in January.

World Bank analysts expect Armenia's GDP to grow by 4.6% in 2023 (0.8 p.p. down from the January forecast) and by 4.9% in 2024, ARKA reports.