Further Price Increases Expected in Armenia: Haykakan Jamanak

Yesterday morning, wholesale flour vendors sold 50 kg bags of flour to their customers for 15, 200 drams (about $42 US), reports local daily Haykakan Jamanak (“Armenian Times”).

Last week, the same bag of flour cost only 12,500 drams (about $34).

Consequently, bread was also expensive yesterday, on average, by 20–25 drams. Suppliers have also warned shopkeepers about impending price increases in oil, butter and sugar, citing the reason as being increase in the international prices of these goods.

Moreover, writes Haykakan Jamanak, also playing a large role is the expected devaluation of currency. The Armenian dram in stock market transactions was devalued this week compared to last week: one US dollar was sold yesterday for 365 drams and 75 luma.