Consumer Prices in Armenia Decrease by 0.2% in the First Seven Months of 2024

In July 2024, the average exchange rate of the Armenian dram against the US dollar was 388.1 dram, which represents a 0.4% increase compared to the corresponding figure of July 2023 (386.5 dram).

The average monthly decrease in consumer prices in Armenia during January to July 2024 was 0.2%. In the same period last year, there was a recorded decrease of 0.5% in consumer prices. This information was provided by the Statistical Committee of Armenia, which has published a report titled 'Consumer Price Index in Armenia from January to July 2024.'

In terms of inflation, the increase was 1.4% from July 2023 to July 2024, while a price decrease of 0.4% was observed compared to June 2024.

In July 2024, compared to July 2023, there was a 0.7% increase in the prices of food and non-alcoholic beverages, while a 1.3% decrease was seen compared to June 2024.

Some product groups experienced price drops in July 2024 compared to July 2023, including a 14.5% decrease in buckwheat prices, 7.9% in sugar, 7.5% in lentils, 7.0% in corn grits, 6.7% in pasta, 3.6% in flour, and 0.4% in bread. The price of pork decreased by 5.8%, beef by 1.5%, and butter by 2.7%.

Conversely, the price of lamb meat increased by 2.1%, and rice by 1.4% in July 2024 compared to the same month in 2023.

Although the price of sunflower oil decreased by 8.3% in July 2024 compared to July 2023, it saw a 1.4% increase compared to June 2024.

The vegetable group experienced a 14.3% price increase, while a 7.7% decrease was noted compared to June 2024. In the fruit product group, prices increased by 11.6% from July 2023 to July 2024, but decreased by 3.6% compared to June 2024.

For non-food products, the level dropped by 0.5% in July 2024 compared to July 2023.

An economist commented on the difficulty of accurately capturing the real prices versus official statistics. Though fuel prices (gasoline and diesel) decreased by 2.6% and 2.4%, respectively, in July 2024 compared to June 2024, there were significant increases of 10.2% and 15.4% compared to July 2023. Compared to December 2023, fuel prices fell by 8.8% for gasoline and 6.7% for diesel.

In the service sector, prices for services provided to the population increased by 3.1% in July 2024 compared to July 2023.

The average exchange rate of the Armenian dram against the US dollar in July 2024 was 388.1 dram, which is a 0.4% increase compared to the same month last year (386.5 dram).