Price hikes in sugar are the latest to put a dent in the pocketbook of the Armenian consumer.

In many Armavir villages, the price for a kilo of sugar has risen from 400 AMD just two days ago to 470 AMD today. In Yerevan, prices fluctuate between 420 – 450 AMD.

MP Samvel Aleksanyan owns Aleks Grig, a network of companies that has a near total monopoly on sugar imports to Armenia, controlling 99% of the domestic market.

In essence, he's the one who sets the price for sugar in Armenia

In a conversation with Hetq, Aleksanyan explained that a contract the company had with Brazilian suppliers for the importation of inexpensive sugar had expired and that new, more inexpensive prices had kicked in.

MP Aleksanyan also said that the company only imports unprocessed sugar and that the raw material is taken to the Akhurian Sugar Plant for processing.

He said that prices wouldn't rise until a new stocks of sugar were imported in 3-4 months.

According to figures from the State Revenue Committee, Armenia imported 97,700 tons of sugar last year, up from 64,800 tons in 2009.

The Akhurian plant produced 45,000 tons of processed sugar last year.