Prices of Various Goods and Services in Armenia Have Generally Decreased

According to the data published by the Statistical Committee of Armenia, as of July 2024, the 12-month inflation rate in Armenia's consumer market is 1.4%, while a 0.4% deflation has been recorded compared to June of this year. In July, prices were 1.3% lower than the figures from December 2023. Additionally, the January-July period of this year sees a 0.3% deflation compared to the same period last year.

In the observed locations, consumer prices in July 2024 decreased by 0.5% to 0.1% compared to June. The deflation rate in the capital is 0.4%. In July, food and non-alcoholic beverages increased by 0.7% compared to July of the previous year but have decreased by 1.3% compared to June 2024. Over the seven months of this year, the deflation in these categories compared to the same period last year was 3.7%. Moreover, in the observed areas of Armenia, prices decreased by 1.9% to 0.8% in July compared to June. The largest price drops were recorded in the cities of Ashtarak and Yeghengadzor, while prices in Yerevan decreased by 1.3%.

Alcoholic beverages and tobacco products increased by 4.3% compared to last July, with a modest rise of 0.1% relative to June of this year. In the January-July period of 2024, these goods saw a 6.4% increase compared to the same timeframe last year. Clothing and footwear prices have decreased by 2% compared to July of last year, and by 0.9% compared to June 2024. For the January-July duration of this year, the prices of these items were 0.2% lower than those in the same period last year.

In July, the prices of household goods, household appliances, and daily maintenance items decreased by 2.5% compared to the same month last year and by 0.7% compared to June of this year. The decline was similar in the January-July period year-on-year. Residential services, water, electricity, gas, and other types of fuel saw an increase of 0.4% compared to July of last year and 0.6% compared to June of this year. In the January-July timeframe, prices in these sectors have risen by 0.1% compared to last year.

In the communications sector, there was a 0.5% inflation rate compared to the same month last year in July. However, there was a 0.1% deflation compared to June of this year, and prices remained unchanged in the January-July period year-on-year. Overall, prices of various goods and services in July were 1.4% lower than those of the same month last year, and down 0.5% compared to June 2024. The deflation in the January-July period compared to the same timeframe last year was 0.7%.

In five urban areas of the republic, as of July 2024, non-food products saw price decreases of 0.7% to 0.1% compared to June, while in six other areas, a price increase of 0.1% to 1.0% was recorded. In the capital, non-food product prices decreased by 0.5%. In July 2024, gasoline and diesel fuel prices decreased by 2.6% and 2.4%, respectively, compared to June. However, compared to July of the previous year, gasoline prices increased by 10.2% and diesel fuel by 15.4%. Comparing to December 2023, gasoline and diesel prices fell by 8.8% and 6.7%, respectively.