According to data from the Statistical Committee of the Republic of Armenia, consumer market inflation in the country reached 1.4% from July 2023 to July 2024. In July 2024, there was a deflation of 0.4% compared to the previous month.
From January to July 2024, the average monthly decrease in consumer prices was 0.2%, lower than the 0.5% recorded during the same period last year.
An analysis of prices across different product groups shows a mixed picture. The most significant price increases were observed in vegetables and fruits. Vegetables rose by 14.3%, while fruits increased by 11.6% compared to July of the previous year. These figures significantly exceed the overall inflation rate.
At the same time, many other food items saw a decline in prices. The most notable decreases were in buckwheat (14.5%), beans (7.9%), peas (7.5%), cereals (7.0%), and pasta (6.7%). Prices also fell for flour, bread, pork, beef, butter, and sunflower oil. Notably, oil prices dropped by 8.3%.
In the non-food sector, there was an overall price decrease of 0.5% in July 2024 compared to July 2023. However, there was a substantial increase in fuel prices, with gasoline up by 10.2% and diesel fuel by 15.4%.
Regarding services, there was a 3.1% increase in tariffs in July 2024 compared to the same period last year.
