According Artak Shaboyan, who heads Armenia’s State Commission for the Protection of Economic Protection (SCPEC) the recent devaluation of the Armenian Dram has directly and immediately affected prices of imported goods in the country.

Shaboyan said that the SCPEC has been following price increases of essential goods in local markets ever since the Dram began to weaken.

The Dram has decreased in value vis-à-vis the USD by 13% (411 to 463) from the start of November until December 10.

Shaboyan told an Armenian government cabinet session today that retail prices of such goods began to rise as of November 20. He said that afterwards price rises were observed in markets for locally produced goods as well; especially diary items.

He said that a price rise in diary items is natural since certain ingredients in the production process are imported, adding that local production of diary goods sharply dropped as well.

Shaboyan told the cabinet members that the importation of powdered milk could also be a factor in the price rise to consumers.

He named Ashtarak Kat and Doustr Marianna as two large diary producers whose prices have risen the most.