The National Statistical Committee (NSC) of Armenia has released preliminary data on consumer price trends for the first seven months of 2024. According to the report, an 0.3% decrease in consumer prices was observed from January to July, compared to the same period last year.
However, in July 2024, there was a 1.4% year-on-year increase in prices, with a slight 0.4% decrease compared to June of the same year.
Prices for industrial goods rose by 2.8% in the first seven months of 2024 compared to the same period in 2023. In July, the year-on-year increase in industrial goods prices was 3.7%, but a 1% decrease was recorded for the month.
It is worth noting that these figures significantly differ from the projections set in the state budget for 2024, which anticipated an inflation rate of 4% (±1.5%).
The Central Bank of Armenia, in its monetary policy report for the second quarter of 2024, revised the inflation forecast. It is now expected that inflation will range between 0.9-1.3% by the end of 2024, which is considerably lower than the initial expectations. The forecast for 2025 is set at 3.8-3.2%, and for 2026 at 3.7-4%.
