Sanctions against Russia, exchange fluctuations reason for price rise in Armenia – economist
In an interview with Tert.am, economist Artak Manikyan said he had forecast a high rise in prices in January-March 2015.
Later, the price rise will range within 4±1.5% forecast by the Central Bank of Armenia.
According to official statistics, a 1.25% price rise was registered in Armenia this January as compared with last year, with a 4.3% price rise registered as compared with last January.
The food prices showed the highest monthly price – 4.5%. The prices for consumer goods showed a 3.4% rise.
Mr Manukyan points out a number of reasons for the price rise: USD and RUB fluctuations, unfair competition, sanctions against Russia and their impact on Armenia.
The price rise shows that Prime Minister Hovik Abrahamyan’s tour of shops and supermarkets had a short-term effect.
“Abuse is practiced as well – unfair competition and reduced weight with the same price,” Mr Manukyan said.
USD-RUB exchange fluctuations have their impact on prices.
“Just see calculations. The essential goods comprising the consumer basket are produced in Armenia, as well as services. That is, the exchange rate has its impact. We can also see a trend to cash in on the situation, especially on the part of large economic entities,” the economist said.
Russia is Armenia’s major partner and RUB depreciation affects Armenia’s economy. Of course, people’s incomes are far behinds the prices.
“The price rise boosts economy, but we cannot feel it unless it has its impact on our standard of living.
However, it is clear that our living standards were lower in 2013 than in 2012, lower in 2014 than in 2013 and are likely to be lower this year that last year,” Mr Manukyan said.
And the compensation in terms of wage increase and economic growth can hardly be seen. Nor any serious achievements in poverty reduction have been made.
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