Inflation report 2012/4 (Monetary Policy Program Q4, 2012. Status report on Implementation of the Monetary Policy Program Q3, 2012)
2012-11-08 15:04
Executive summary
There was 1.1 percent of deflation recorded in the third quarter of 2012 compared to that of 2.8 percent in the same period of the previous year, and the 12-month inflation ascended earlier the third quarter after continued subsidence in the course of the first half of the year and reached 2.5 percent in end-September. The 12-month inflation indicator has been totally due to 1.8 percent increase in food prices (with 0.96 pp of contribution to headline inflation) and 5.7...
Inflation report 2012/3 (Monetary Policy Program Q3, 2012. Status report on Implementation of the Monetary Policy Program Q2, 2012)
2012-08-07 14:33
Executive summary
There was 3.1 percent of deflation recorded in the second quarter of 2012 compared to that of 1.6 percent in the previous reference period, and the 12-month inflation further subsided to 0.7 percent at the end of June. A low 12-month inflation indicator has been totally due to 0.9 percent decline in food prices whereas non-food prices and service tariffs have posted increases as expected, by 3.9 percent and 1.9 percent, respectively. In the forecast horizon the developments...
(2012/2) Status report on Implementation of the Monetary Policy Program Q2, 2012. Inflation report
2012-05-15 14:03
Executive summary
The monetary policy programs of 2011 predicted that the inflation environment would further ease and inflation would rest within the confidence band, starting from the fourth quarter of 2011. Actual trends were basically in line with the program - the 12-month inflation reached 4.7 percent at the end of 2011 and 2.2 percent at the end of March of 2012.
In the forecast horizon the developments in both external sector and domestic economy do not predict expanding of the...
Status report on implementation of the monetary policy program (Inflation Report) Q4, 2011
2012-02-24 22:14
(2011/4) SUMMARY
In the fourth quarter of 2011 the inflation environment further eased, and the 12-month inflation rested within the confidence band at the end of the year as a result. This was driven by both domestic and external macroeconomic developments. Prices of food products and raw materials in world markets continued falling amid the world economic growth slowdown and escalation of debt problems in the Euro-area. In the meantime, attributable to tightened monetary conditions...
(2012/1) The Monetary policy program Q1, 2012
2012-02-07 15:29
Actual indicators and developments in 2011
The beginning of 2011 was characterized by high inflation environment which had been a consequence of increased international prices of raw materials and food products, declined supply in agriculture in Armenia due to the recorded downfall in that sector as well as second round effects of high inflation and high inflationary expectations during 2010.
At the end of 2010 the Board of the Central Bank outlined a necessity to tighten monetary conditions...
Status report on Implementation of the Monetary Policy Program Q3, 2011. Inflation report
2011-11-22 14:53
(2011/3) Summary
In the third quarter of 2011 the inflation environment further eased, driven by both domestic and external macroeconomic developments. Prices of food products and raw materials in world markets behaved stably and prices of some commodities even went down. In the meantime, conditioned by slowly recovering domestic demand, influence of implemented contractionary fiscal and monetary policies and increased supply of agricultural products, no inflationary pressures from domestic...
Status report on Implementation of the Monetary Policy Program 2Q, 2011. Inflation report
2011-08-09 21:42
(2011/2) Summary
The second quarter of 2011 was momentous for a moderated inflationary environment, which was fostered by both domestic developments, including the tightening of monetary conditions since the start of the year, and developments of the external sector. Prices of food products and raw materials tended to somewhat stabilize [and prices of some commodities even went down] at the beginning of the quarter after fluctuations observed in global markets. In the meantime, conditioned by...
(2011/3) The Monetary Policy Program of the Republic of Armenia Q3, 2011
2011-07-26 20:24
Q2, 2011 actual indicators and developments
Somewhat a moderate inflationary environment relative to the previous quarter as well as gradual balancing of risks was forecast for the second quarter of 2011. The following were to contribute to the mitigation of the inflationary environment:
Lagged impact of monetary conditions tightened since the start of the year and the change in the reserve requirement mechanism;
Weakened inflationary pressures transmitted to the Armenian economy...
Status report on implementation of the monetary policy program (inflation report) Q1, 2011
2011-05-24 18:38
(2011/1) SUMMARY
High inflationary environment in the first quarter of 2011 further depended on an increase of international prices of main food products and raw materials, persistently high prices of agricultural products due to the reported unprecedented downfall in agriculture in the previous year, the second round effects and high inflation expectations in the face of supply shocks. As well as main inflation risks as outlined in the previous monetary policy program showed up during...
(2011/2) The Monetary Policy Programm of the Republic of Armenia Q2, 2011. Inflation report
2011-05-02 16:25
Summary
The second quarter of 2011 was momentous for a moderated inflationary environment, which was fostered by both domestic developments, including the tightening of monetary conditions since the start of the year, and developments of the external sector. Prices of food products and raw materials tended to somewhat stabilize [and prices of some commodities even went down] at the beginning of the quarter after fluctuations observed in global markets. In the meantime, conditioned by slowly...
Status report on implementation of the monetary policy program (Inflation report) Q4, 2010
2011-02-18 17:49
2010/4 SUMMARY
High inflationary environment has been the main macroeconomic development over 2010. One factor that contributed to the creation of such an environment was sharp increase of food prices in world markets (in 2010 the World Bank Food Index rose by 25.3 percent), fuelled greatly by price increases on wheat (48.6 percent p.a.) sunflower oil (47.5 percent p.a.) and sugar (42.8 percent p.a.). The other significant factor was the
downfall in agriculture, which led to sever...
The Monetary Policy Programm of the Republic of Armenia Q1, 2011
2011-01-31 16:06
(2011/1) Q4 2010 actual indicators and developments
In the beginning of 2011 the macroeconomic situation was characterized by high inflationary environment as influence of expansionary fiscal and monetary policies implemented in 2009 began to appear at the yearend 2009, and it was expected that in the first quarter of 2010 it would reach its peak. The other factor contributing to the inflationary environment were increased international prices of food and primary goods since the second half of...
Status report on Implementation of the Monetary Policy Program Q3, 2010. Inflation report
2010-11-12 12:55
(2010/3) Summary
The main macroeconomic developments in the third quarter of 2010 were characterized by deepening inflationary environment and slowing recovery rates in world and domestic economies. A high inflationary environment was mostly attributable to the downfall in agriculture and steep price rise in food products, wheat in particular, in global markets. Also, the tightening of monetary policy since the beginning of the year, including the developments in the foreign exchange market,...
Status Report on Implementation of the Monetary Policy Program Q1, 2010. Inflation Report
2010-05-18 14:09
(2010/1) Summary
The main macroeconomic developments in the first quarter of 2010 have been attributable to inflationary pressures which were transmitted from the previous yearend and faster recovering world and domestic economies. Persisted high prices of food and non-food products in global markets due to positively developing world economy, expansionary impact coming from the previous year’s implementation of monetary and fiscal policies as part of anti-crisis measures and...
The Monetary Policy Programm of the Republic of Armenia Q2, 2010
2010-04-30 16:39
(2010/2) Q1, 2010 actual indicators and developments
In the first quarter of 2010 inflationary environment carried on as the global economy continued to see positive developments in the form of persisting high prices of food and non-food products in international markets, expansionary impact of monetary and fiscal policies is being transmitted on from previous year in the framework of anti-crisis measures and because of depreciation of the dram fuelled by negative expectations. Inflation was...