Ex-chairman of the Central Bank of Armenia Bagrat Asatryan said that 9.1% inflation was recorded in October 2010 compared to the same period in 2009.

Meanwhile, the increase in social expenses envisaged by the budget is much lower, Asatryan told a press conference in Yerevan.

“Such inflation is recorded under the circumstance of 7% and 13% growth of AMD exchange rate against the USD and euro respectively over a year. In other words, the only instrument for inflation suppression is the sale of foreign currency – unacceptable intervention. The current authorities deprive next generations of funds to support the current generation’s life anyhow,” he said.

According to the ex-chairman of the Central Bank of Armenia, over 13% growth was recorded in prices for foodstuffs, which means that pensioners will have worse problems next year.

Besides, Asatryan noted that by the level of inflation in nine months of 2010 Armenia is only behind Ukraine among the CIS countries.

“As for export index, Armenia is the last among the CIS countries – even behind Tajikistan by around 20%,” said Asatryan.