Armenia’s consumer prices decrease by 0.3% in January-July 2024

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YEREVAN, August 26. /ARKA/. According to preliminary data from Armenia's National Statistical Committee (NSC), consumer prices in the country decreased by 0.3% in January-July 2024 compared to the same period in 2023./pp

In July 2024, there was a 1.4% year-on-year increase in consumer prices, although prices fell by 0.4% compared to June 2024./pp

The NSC data also revealed that prices for industrial goods rose by 2.8% in January-July 2024 compared to the same period in 2023. However, in July 2024, industrial goods prices saw a 3.7% increase year-on-year but declined by 1% month-on-month./pp

Armenia's 2024 state budget had projected inflation at 4% (±1.5%). According to the Central Bank's second-quarter monetary policy report, inflation is expected to be between 0.9% and 1.3% by the end of 2024. The forecast for 2025 is 3.8%-3.2%, and for 2026, it is 3.7%-4%./pp

Various institutions have also provided inflation forecasts for Armenia:/pul li p

The World Bank expects inflation to be 3% in 2024, 3.5% in 2025, and 4% in 2026. /p /li li p

The IMF forecasts a 3.1% increase in prices in 2024 and a 3.7% increase in 2025. /p /li li p

The Asian Development Bank (ADB) predicts 3% inflation in 2024, rising to 3.5% in 2025 due to the easing of monetary policy. /p /li li p

The Eurasian Development Bank (EADB) expects inflation in Armenia to be around 1.5% by the end of 2024. /p /li/ulp br/p