News - Armenia Central Bank chief: We don’t foresee increase in price of food products

We do not foresee an increase in the price of food products. Governor of the Central Bank of Armenia (CBA), Martin Galstyan, told this to a press conference Tuesday. In his assessment, there is a weak external deflationary effect in the food sector. Galstyan noted that there was a tendency to stabilize price dynamics, after which a slight increase in prices was recorded, but now there is a tendency to stabilize again. The head of the CBA added that due to the increase in supply in Armenia’s labor market, the increase in wages, which was observed in previous years, now has a tendency to moderate. "And these two factors were the basis for the Central Bank Board's decision to reduce the refinancing percentage rate by 0.5 percentage points, which has been set at 8.75 percent," Galstyan emphasized.