Overall Inflation Is 8.9%, But Food Prices Are Naturally Higher: Vahan Kerobyan

The overall inflation rate stands at 8.9%, but food prices are, of course, considerably higher. We are certainly very concerned because the outcome of our work should be the better living conditions for people, and inflation can be said to consume much of the effort we put in, said Minister of Economy Vahan Kerobyan during a meeting with journalists, assuring that they must fight against inflation and are indeed fighting.

As tools to combat inflation, Vahan Kerobyan mentioned “consultations with various countries.”

“We are in constant consultation with our partner countries, primarily within the EAEU, as well as Ukraine and South American countries, in order to provide Armenian producers with low or reasonably priced goods and raw materials, which will help mitigate inflation,” he said.

Vahan Kerobyan did not discuss the effectiveness of their toolkit, but expressed concern about the tools used by the CBA to curb inflation.

“Sometimes these tools begin to threaten or harm the sectors of the economy that are crucial for us, for instance, exports. You know that the exchange rate has been at perhaps the lowest point in several years, and this greatly concerns both us and our exporters,” said Kerobyan, expecting the CBA not to jeopardize the export sector.