Price Changes in the Market: Which Products Have Increased in Price

In Armenia, the prices of butter and oil have decreased, while the price of sugar has increased. "There is a slight decrease in butter prices; the market has started to stabilize. The logistical problems caused by the coronavirus have not yet been resolved, but we are seeing some stability. For example, on May 27, 1 kg of 'New Zealand' butter was 4420 drams, and now it is 4380 drams," said Gegham Gevorgyan, head of the Competition Protection Commission, at a meeting with journalists.

Currently, there is a price increase in the poultry meat market, reaching 1490-1510 drams, while the high price of sugar is being maintained. "If the price of sugar was 390-391 drams per kg in May, it is now close to 400 drams. This year, no sugar has been produced in Armenia due to issues with raw material imports. Last year, we imported quota sugar into the republic, which temporarily lowered the price, but that quota sugar is also distributed within the EAEU and is not unlimited," added the head of the MPC.

The main country from which Armenia imports sugar is Russia, which also has its own sugar issues. According to Gevorgyan, the price of oil has finally started to decrease slightly, which is the product market where price increases have been the most significant. "From May to December, there has been a reduction of about 300 drams in the price of oil, but I believe that this reduced price will decrease further as a result of market stabilization and the elimination of the impacts of the coronavirus," he said.