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Armenia’s State Commission for the Protection of Economic Competition (SCPEC) is studying the oil, butter, flour and patrol markets in connection with the recent price rises, SCPEC Chairman Gegham Gevorgyan told reporters at the parliament on Tuesday.

According to him, next week it will become clear whether the inflation observed in the markets of those goods is justified or not.

"According to preliminary data, global markets have seen price increases, but a study will reveal whether they have been properly reflected in our country or not. Inflation has been observed in the markets of sunflower and corn oil all over the world. The study is underway. We observe the prices in the countries from where the goods are purchased, then we calculate the transport costs, as well as the interests, in order to understand whether the inflation is justified or not,” Gevorgyan said.

The competition regulator chief says his agency is checking how an economic entity is working, adding the latter is obliged to substantiate an increase in prices for a product.

Asked whether the spike in oil prices is possibly liked to a shortage of sunflower and corn stocks, Gegham Gevorgyan said a probe into the matter is still ongoing.

"I cannot say anything until the results of the study are available. There is a seven-member commission, which is conducting an analysis. After receiving the first signal, we immediately initiate an inquiry," he said.