Former chairman of the Central Bank of Armenia, Bagrat Asatryan, said that the inflation rate in Armenia is much higher than it is presented in the official statistical data.

“Real inflation is estimated by market data or GDP index-deflator, which increased by 10% in May 2010, as compared with the same period of 2009,” Asatryan told journalists in Yerevan.

He added that prices for foodstuff are decreasing worldwide, while in Armenia they continue growing. 1% inflation rate was recorded at Armenia’s consumer market in May as compared with April 2010.

Meanwhile, the index of consumer prices is 106.3% during the reporting period as compared with May 2009.