The Ministry of Economy of Armenia has released a report titled "Armenia: Economic Outlook," covering the first half of 2024. One of the most notable aspects of the report is the data on inflation, which highlights the low rate of price growth in the country.
According to the data presented, inflation in Armenia for the first six months of 2024 was just 0.8%. This figure is particularly impressive when compared to global and regional trends. For comparison, the average global inflation rate (based on data from 162 countries) reached 8.3%, while in Asia (42 countries) it was 6.5%, and in Europe (46 countries) it was 4.3%.
The Statistical Committee of the Republic of Armenia also provided detailed information on the Consumer Price Index (CPI). From January to June 2024, deflation was recorded at 0.6%. The current CPI is significantly below the target rate of 4% (+/-1.5%) set by the Central Bank of Armenia.
Interestingly, most sectoral price indices in the country remained relatively stable in the first half of 2024. However, there were noticeable fluctuations in the areas of imports and exports.
The import price index, which had been negative throughout 2023, showed positive dynamics in the first half of 2024. At the same time, the export price index, which had been positive throughout 2023, showed a significant decline in the first half of 2024.
