Shaboyan: Dram depreciation affects commodity prices

Armenia’s State Commission for the Protection of Economic Competition is conducting market studies in connection with a rise in domestic prices.
The Commission head Artak Shaboyan presented the results of studies at the Armenian government’s session today. On the whole, the price growth in the market is in line with the changes in the currency exchange rate, he said. 

“The rate increased by 13%, commodity prices went up by 4-12%,” Shaboyan noted.

Out of the Armenian commodity markets, dairy industry is at the center of the Commission’s attention as some components of dairy products are imported into Armenia, Shaboyan said adding that prices of some dairy products have changed, which is also due to the fact that the domestic milk enterprises recently reduced production volumes. Besides, studies were conducted on markets of sugar, butter, vegetable oil, poultry, coffee, flour, and some others.

In his words, special attention is paid to commodity markets where large companies operate. The Commission aims to prevent their anticompetitive conduct.

As regards the sharp increase in buckwheat price, Shaboyan explained that this year’s harvest was poor in Russia which in turn affected the wheat price on Russian and Armenian markets.    

The Commission will continue its daily inspections ahead of the New Year, A. Shaboyan said.