In February 2024, Armenia registered deflation at a rate of 1.7% compared to February 2023, with a monthly rate of 0.7%. This is according to data from the Statistical Committee of Armenia.
According to the committee's data, in February 2024, prices for food and non-alcoholic beverages decreased by 7.4% compared to the same period the previous year, with a monthly decrease of 1.4%.
Alcoholic beverages and tobacco products increased by 7.5% over the year and by 0.8% compared to January of the current year. Prices for clothing and footwear in February 2024 increased by 1.4% over the year but decreased by 0.5% month-on-month, while prices for utility services increased by 0.8% but decreased by 0.7% month-on-month.
Moreover, according to statistics, in the non-food market, inflation in February 2024 was 0.7% compared to February 2023, with a decrease of 0.4% compared to January of the current year.
Earlier, BMG reported that by the end of 2023 to the beginning of 2024, according to the Eurasian Development Bank (EDB), Armenia experienced deflation. In January 2024, prices decreased by 0.9% after a 0.6% decrease the previous month, mainly due to the dynamics of food prices.
Meanwhile, according to the EDB, in the base scenario, inflation will be formed close to the lower bound of the Central Bank of Armenia's target range (4±1.5%) by the end of the first half of the current year.
