Armenia’s 12-month consumer price index in May 2023 was up 1.3%, the National Statistical Committee (NSC) said. According to the NSC, a 1.8% deflation was registered in May 2023 as opposed to April of the same year.
Meanwhile, the five month inflation rate in May 2023 was up 5.2% against the same period of 2022.
According to the NSC, in May 2023 compared to May 2022 prices for food and non-alcoholic beverages decreased by 2.1%. Compared to April 2023 they were down 4.1%.
Alcohol and tobacco products were up 7.8% year-on-year, and up 1.2% compared to April 2023. Prices of clothing and footwear rose by 6.2% in May 2023 (down 0.1% compared to April 2023), and utilities rose by 2.4% (down 0.1% for the month).
Household goods and appliances rose 8.3% in May to May, and declined 0.3% for the month. Health care prices rose 4.2% and dropped by 0.5% from April 2023, transportation prices declined by 3.1% (down 1.3% for the month), communications prices shad 0. 2% (0%), recreation and culture services upped by 6.6% (declined by 1.3% for the month), education prices grew by 4.7% (0%), restaurant and hotel prices grew by 7.8% (0.5% rise for the month).
At the same time, prices for non-food products in May 2023 were up 1.1% compared to May last year, and deflation of 0.9% was registered compared to April 2023. Services rose in prices by 4.7%.
Armenian government’s growth projection for 2023 is 7%, while inflation is set at 4% (±1.5%). Armenia's economic activity in January-April 2023 was up 12.3% year-on-year, ARKA reports