Annual inflation of 0.8% recorded in June in Armenia
June#39;s monthly deflation stood at 0.9#37;
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YEREVAN, July 3. /ARKA/. Armenia experienced a complex economic scenario in June 2024, with an annual inflation rate of 0.8% compared to June 2023, while also witnessing a monthly deflation of 0.9%, according to a report by the National Statistics Committee of Armenia, published on Wednesday.
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The prices for food products and non-alcoholic beverages decreased by 0.7% over the year and saw a sharper monthly decline of 2.4%. This deflation indicates a notable reduction in consumer expenses for essential commodities within a short period.
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On the other hand, alcohol and tobacco products became 4.8% more expensive over the year, although the monthly increase was minimal at 0.1%.
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The clothing and footwear segment experienced a yearly price drop of 1.9% and a monthly decrease of 0.9%. Prices for utilities fell by 0.4% over the year and remained unchanged month-over-month. Household items, including appliances and daily care activities, saw a 1.3% annual decline and a 0.5% monthly decrease.
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Healthcare costs rose modestly by 0.9% over the year, with no monthly change. Transportation costs surged by 10.8% annually and 1.2% monthly, reflecting rising fuel prices or increased demand. Communication services recorded a 0.2% annual rise but a slight monthly decline of 0.1%.
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Recreation and cultural activities experienced a yearly price increase of 0.6%, though there was a 1.1% drop compared to the previous month. Educational expenses rose by 4.8% over the year, with no change month-over-month. The restaurant and hotel sector saw a 3.2% annual increase and a 0.3% monthly rise.
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In the non-food goods market, prices fell by 0.2% annually and by 0.3% from May 2024, showing a minor decline.
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Service tariffs for the population rose by 2.7% over the year and by 0.3% month-over-month, indicating a steady increase in the cost of services provided to consumers.
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The Armenian government's budget for 2024 anticipates an economic growth rate of 7%. Meanwhile, the Central Bank of Armenia projects the country’s economic growth to be between 6.1% and 6.8% for the year.nbsp;
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