Armenian economist critical of price hike linked to State Budget

Tue 16 January 2018 16:05 GMT | 20:05 Local Time

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Armenia's 2018 State Budget should be considered a “budget of price hikes” given the proposed increase in revenues by 100 billion Armenian Drams (approx USD 2,00,000,000), according to an economist.

At a news conference on Tuesday, Vahagn Khachatryan blamed the price policies on the higher excise taxes, which he said directly influence the consumer market.

But he ruled out any chances of restraining the hike now that State Budget is in effect, tert.am reports.  

“In a country with a 29.4% poverty rate, we cannot possibly ignore any hike in the prices of consumer goods,” Khachatryan said, predicting a further increase in the diesel fuel prices.

“Oil products appear to be really problematic, as the excise tax on them has increased by 10% in Russia. A further increase is expected after the second quarter this year.  [Higher] excise taxes do not normally apply to exports but not in the case of Armenia,” he added.

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