‘Fact’. Price Increases Expected for Approximately 700 Products Starting January 1

‘Fact’ newspaper reports that, following its accession to the EAEU, Armenia has also adopted unified customs tariffs. This inevitably suggests that a significant number of products are expected to experience increases in customs duties.

To mitigate the impact of this, the Republic of Armenia took a transitional period of over five years, primarily for the more essential products included in the consumer basket. For a considerable portion of these product categories, the transitional period is set to conclude in 2020.

As a result, starting January 1, price increases for nearly 700 products are anticipated. There is an opinion that many of these items may not be 'everyday purchases.' However, experts assert that these price hikes will still significantly affect people's overall standard of living.

Moreover, the agricultural sector will not be spared from price increases. Specifically, starting January 1, customs clearance for agricultural products, animal feed, and grain will also see price rises – importers will pay 3-4% more at the border, while for fertilizers, the increase will be 2.5-4% more.

On the other hand, from January 15, 2020, a legislative norm will come into effect mandating that livestock slaughter must be carried out at slaughterhouses. Those engaged in livestock breeding and meat sales are concerned that as a result, there may be a significant increase in meat prices.

Overall, according to calculations by some economists, life in Armenia is expected to become more expensive once again in the coming months, with preliminary estimates suggesting an increase of 5-7% initially.

For more details, see today’s issue of the newspaper.