High inflation rate in Armenia conditioned by increase in prices for foodstuffs

PanARMENIAN.Net - 7.5% out of 12-month inflation at the rate of 9.6% recorded in Armenia in November were conditioned by increase in prices for foodstuffs, according to a report of the Central Bank of Armenia.

"The 12-month inflation at the rate of 9.6% recorded in November is continuously reasoned by growth in prices for domestic agricultural products, as well as increase in prices for imported foodstuffs," reads the CBA report.

Besides, the paces of economic growth continued decelerating in the third quarter of 2010 and 2.4% economic growth was recorded in October-January 2010 compared to the same period in 2009.

At the same time, 10% growth was recorded in industry's added value with respect to increase in production volumes in the fields of ore mining, chemical industry, metallurgy, foodstuffs, drinks, construction materials, and jewelry production.

The growth in the added value in construction industry amounted to 3.1%.

The growth rate in the field of services decelerated, totaling 4.9%. The drop in agriculture continued, though it decelerated compared to last month, amounting to 16.7% compared to the same period of last year.

As for the trade turnover, the paces of growth in goods export volumes remained almost unchanged, totaling 41.3% in January-October 2010 compared to the same period in 2009. The paces of growth in goods import continued decelerating, amounting to 16.7% during the reporting period.