Armenian minister warns of further rise in food prices

YEREVAN, March 18. /ARKA/. More food price hikes are expected to come, Armenian Economy Minister Vahan Kerobyan said in an interview with CivilNet.

‘The government is concerned no less than the Central Bank about the anticipated rise of food prices, since it is clear that as a result of the confrontation between the two large agricultural countries –Russia and Ukraine- the year will be bad for agriculture, at least in Ukraine, and problems are not ruled out in Russia as well,’ the minister said.

Ukraine and Russia represent around 10 per cent and 20 per cent, respectively, of global wheat production, and nearly 30 per cent of all wheat exports come from these two countries. Armenia imports more than half of its wheat from Russia.

“The Armenian government’s task is to contain this inflation as much as possible and to ensure such economic growth that even if inflation is high, the quality of life of people does not worsen,” the minister said.

At the same time, Kerobyan urged the people to stop panic buying. “I don’t think it’s logical that a person in a solidarity society would stockpile food, assuming that if there is a famine, he will be full, and let others remain hungry. From this point of view, these panic buying is very illogical,” he said.