YEREVAN, April 18. /ARKA/. The cost of food and groceries as well as other goods is going to rise further, Armenian Minister of Economy Vahan Kerobyan said.
Armenia’s government budget for 2022 projects 2.5%- 5.5% inflation, but at the end of March the 12-month inflation jumped up to 7.4%, and a higher figure is expected for April, the minister said in an interview to Russian business daily Kommersant.
Kerobyan reminded that natural gas and electricity prices have already risen in the country this year, which is prompting higher prices of other goods.
“The Central Bank increased the key refinancing rate by 1.25% point in March, from 8% to 9.25% to try to curb the rising inflation, but the move is slowing the economy, so the government is supporting companies and farmers through complete or partial subsidization of loans for the purchase of new equipment,” he said.
According to the National Statistical Committee, the 12-month inflation in Armenia was 7.4%.
Armenia’s economic growth for 2022 is set at 7%, while inflation is set at 4% (±1.5%). The Central Bank in March worsened its 2022 economic growth forecast from the previous 5.3% to 1.6%. -0-