The Statistical Committee of Armenia has released inflation data for September 2024. According to the report, the annual inflation rate was 0.6%, with the monthly rate recorded at 0.2%.
The committee reported deflation in the food and non-alcoholic beverages sector, with prices dropping by 1% year-on-year and 0.6% for the month. However, prices for alcoholic beverages and tobacco products rose by 4.1% year-on-year and 0.1% for the month.
Clothing and footwear prices fell by 3.4% annually but increased by 0.8% for the month. Utility costs increased by 0.6% over the year and 0.2% for the month. Household goods and appliances saw a 4% year-on-year decrease in prices but a 0.9% increase for the month.
The healthcare sector experienced a 2% annual price increase and a 0.2% monthly rise. Transportation services saw significant growth, with prices rising 9% year-on-year and 1% for the month. Communication services increased by 0.5% over the year and 0.1% for the month. The recreation and culture sector saw a price increase of 0.3% both annually and monthly.
The education sector saw the highest price growth, with a 7.8% increase both year-on-year and for the month. Prices in the restaurant and hotel business grew by 2.7% annually but saw a slight decrease of 0.1% for the month.
Overall, prices for non-food products decreased by 1.7% year-on-year but rose by 0.5% for the month. Service tariffs increased by 3.6% annually and 0.8% monthly.
Amid these figures, the Armenian government forecasts economic growth of 7% for 2024, while the country’s Central Bank expects growth in the range of 5.8-6.5%.
