Dram Depreciation Pushes Staples Prices Up 10-20 Percent

DRAM DEPRECIATION PUSHES STAPLES PRICES UP 10-20 PERCENT

YEREVAN, January 26. / ARKA /. The drastic weakening of the Armenian
national currency late last year have pushed the prices of staple
goods up from 10 to 20 percent depending on their types, deputy
head of the National Academy of Consumers, Ruben Aytyan, told a news
conference today.

“At some point the prices of some products- baked goods, chicken,
dairy products, eggs, cereals- skyrocketed by 30%-60%, but then they
went down, however, never reaching the previous level,” he said.

According to Aytyan, some people took advantage of the dram’s
depreciation inflating prices. The situation is exacerbated by the
fact that large Armenian exporters selling their goods in Russia are
suffering big losses because of the depreciating Russian ruble.

The head of the National Academy of Armenian Consumers Melita
Hakobyan said she is surprised at the inert behavior of consumers
encouraging them to actively express their dissatisfaction with the
rise in prices. She said the quality of the bulk of foods sold at
local markets is good.

According to the National Statistical Service, the inflation in
January-December 2014 grew by 3 percent from the previous year.-0-

From: A. Papazian