ECONOMY


INFLATION IN ARMENIA EXCEEDED FORECASTS THREE TIMES

Inflation in Armenia by late 2003 made up 8,8 percent instead of forecasted 3 percent, the Arminfo agency reported quoting chairman of the Central Bank of Armenia Tigran Sargsian as saying. The reason of inflation was in surge of bread prices, he added.

The ratio of breads in the basket of goods is very high that is why its rise in price drastically affected the inflation. The money supply against GDP increased up to 12,4 percent from 12,0 last year. The volume of national currency in its structure increased up to 7,3 percent.

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