Armenia Ranks 62nd in World Bank Price Index

Armenia has secured the 62nd position in the World Bank's price index (from lowest to highest). According to Sputnik Armenia, the index compares the amounts in national currencies for purchasing the same volume of goods in different countries based on the principle of purchasing power parity.

For comparison, Nigeria and Bolivia occupy the 60th and 61st positions, while Malawi and Eswatini hold the 63rd and 64th spots. Georgia ranks 35th, Russia is 81st, and Iran is in the 10th position.

Primarily at the top of the list (with the lowest prices) are low-income countries such as Afghanistan, Laos, Myanmar, and others, where prices cannot be high due to low purchasing power. The most expensive prices are found not only in developed countries (Switzerland, Canada, the USA, Iceland, Norway, etc.) but also in resort and offshore areas (Bermuda, Cayman Islands, Barbados, etc.), where, understandably, there are many wealthy individuals, resulting in higher prices.

There are exceptions to the rule; for instance, Iran, which is not the poorest country in the world, is ranked 10th, mainly due to its extremely low prices for gasoline and gas for local consumers.

The World Bank compiled this ranking based on 2022 results when Armenia was experiencing high inflation (8-9% and more). In 2023, inflation began to decrease and has recently turned negative. However, this is not yet reflected in the ranking as data for 2023 is not fully available for all countries.