Tue, 1 July
24.1 C
Yerevan
USD: 384.47 RUB: 4.90 EUR: 450.83 GEL: 141.25 GBP: 526.80

Prices for vital foods 2-3 times higher from market prices in Armenia – newspaper

YEREVAN, May 19. /ARKA/. Prices for 11 key foodstuffs in Armenia were the double or triple of the market prices in 2008-2013, say Hayk Sargsyan and Ashot Markosyan, the authors of the book entitled “Transformation and development prospects of the Armenian economy”, according to “Hraparak” newspaper.

The book finalizing the results of the economic development in the country since 90ies till now has spurred discontent among business elites as it indicates the foodstuffs were sold in Armenia at artificially overvalued prices, as compared to quite low purchasing price levels, the newspaper says.

In particular, beef costing about 816.91 drams per kilo in the global market in 2008 was imported to Armenia at 510.52 per kilo, but the retail beef price was then 1,589.90 drams per kilo (211.4% higher).

In 2013 the price difference came down to 148.7%, according to the authors.

At the same time, domestic prices for butter exceeded the global ones by 117.7% in 2013, and local oil prices were 176.5% higher than the global ones. In 2008, sugar was imported to Armenia at a price 36% lower from the global levels, but was sold at a price 118.6% higher. Yet, the sugar price difference came down to 92.4% in 2013.

Coffee imported at a 28.3% cheaper price (compared to global prices), cost almost 300% as expensive inside the country then.

According to the newspaper, these percentages are in favor of the current authorities over Robert Kocharyan’s rule. Yet, the authors have not gone beyond 2013, probably to avoid a possible dismal picture, “Hraparak” says. –0–

spot_img

POPULAR

Armenia to receive EUR 26 million loan from KfW bank for renewable energy development

Armenia will receive a loan and a grant from the German KfW bank for the implementation of the "Renewable Energy and Energy Efficiency Development" program.

Ratio of loans to deposits in commercial banks of Armenia has improved – WB review

In April 2025, deposits and loans of commercial banks of Armenia increased by 1.5% y/y and 0.8% y/y, respectively, slightly improving the ratio of loans to deposits compared to the figures for the previous year.

AMX Reaffirms Compliance with International ISO Standards

The Armenia Stock Exchange and Central Depository (AMX) have successfully completed their compliance certification with ISO 27001:2022 for Information Security Management and ISO 9001:2015 for Quality Management Systems.

Euro falls by 0.62 points to 450.23 drams

The average market exchange rate of the US dollar against the Armenian dram as of June 27, 2025, decreased by 0.59 points compared to June 26 and amounted to 384.32 drams.

Armenia’s budget remained in surplus through April, despite a projected deficit

Armenia’s budget remained in surplus through April, despite a projected deficit, according to World Bank's Armenia Monthly Economic Update – June 2025.

LATEST NEWS

spot_imgspot_imgspot_img