28.Jul .2022 14:30

Armenia's CPI up 10.3% in first half of 2022

Armenia's CPI up 10.3% in first half of 2022
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The consumer price index (CPI) in Armenia in January-June 2022 rose 8.1% from the same period of time in 2021, according to the National Statistical Committee (NSC) .

According to it, the consume prrice index in June 2022 was up 10.3% compared to June 2021.

It said prices for manufactured goods in the first half of 2022 rose by 7.8% compared to the same period in 2021, but dropped by 1.2% in June 2022 compared to June 2021, and by 2.9% compared to May 2022.

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.

The International Monetary Fund (IMF) expects Armenia's GDP growth to reach 5 percent in 2022, while inflation is projected to increase temporarily before moderating by the end of the year, ARKA reports.