Food prices decline worldwide but go up in Armenia

The Central Bank of Armenia (CBA) recently published a CBA Board sitting’s minutes which contain noteworthy information.

“International Food Organization calculated that for example, international food prices fell by 5.1% in August compared with August of last year, whereas according to official data of Armenia’s National Statistical Service, food prices increased 10% in Armenia in the same period. Taking into account modern laws of economics, there is only one explanation for this: if food prices decline worldwide, but go up in Armenia, it means that in Armenia free competition is absent,” ‘Haykakan Zhamanak’ says.