Buy Substitutes Instead of Expensive Goods: Minister's Advice

In Armenia, the rise in the price of buckwheat is primarily attributed to price increases recorded in the foreign market, which have occurred independently of the spread of the coronavirus. Economy Minister Tigran Khachatryan advises buying substitutes for expensive products to also regulate the market.

According to Armenpress, the minister made this statement at a press conference when asked why there has been a noticeable increase in the prices of certain products, particularly buckwheat.

“When we discussed with organizations representing the private sector at the end of last week, it became clear that prices for buckwheat had started to rise in Russia, particularly prior to the impact of the coronavirus and economic difficulties. This is market-driven. There were examples brought up that compared to last January, this January saw a twofold price increase, and the rise is ongoing. This means that in terms of buckwheat, there has been inflation in foreign markets, which has also transferred to our retail market,” Khachatryan stated.

The minister pointed out that there are two possible reasons for the price increase. One is that the logistics chains have been somewhat damaged during this period. A significant portion of product flow from the Iranian border or via Lars faces difficulties from time to time. Despite these challenges, regular supplies have been ensured so far.

Khachatryan noted that there may be price fluctuations for certain products that are already visible in specific cases. “But we hope and see the efforts being made in this direction, that our economic operators are organizing their work in a way that is as comfortable as possible for consumers and does not lead to price increases. If the Competition Protection Agency notes that certain operators are abusing their positions due to the situation, it has sufficient tools to prevent this,” he said.

The minister emphasized that there is currently no reason for panic. “There will be certain price fluctuations; we should relate to this calmly. If we see that the prices of lentils and buckwheat are rising, as consumers, we can choose other substitutes that are available, thus generally regulating the market as well,” he said.