Armenia Inflation Slows to 4-Month Low

The annual inflation rate in Armenia eased to 4.2% year-on-year in May 2026, the lowest level since January, from a 3-year high of 5.3% in the previous month. Prices slowed for food and non-alcoholic beverages (6.4% vs 9.5% in April), health (3.7% vs 4.2%), furnishings, household equipment, and routine maintenance (0.4% vs 1.0%), and restaurants and hotels (3.8% vs 4.2%). Conversely, price growth continued for clothing and footwear (1.8% vs 1.7%), housing and utilities (1.1% vs 0.5%), transport (3.2% vs 2.0%), and miscellaneous goods and services (2.9% vs 2.8%), while recreation and culture rebounded (1.6% vs -0.3%). Meanwhile, costs were steady for alcoholic beverages and tobacco (7.7%), communication (1.2%), and education (8.3%). On a monthly basis, consumer prices fell 0.8% in May, reversing a 1.3% increase in the previous month and marking the lowest reading since July 2025.

The annual inflation rate in Armenia climbed to 5.3% year-on-year in April 2026 from 4.5% in the previous month. This marked the highest reading since March 2023, driven by stronger price growth for food and non-alcoholic beverages (9.5% vs 7.8% in March), and a rebound in housing and utilities (0.5% vs -0.3%). Inflation also picked up for miscellaneous goods and services (2.8% vs 2.4%), clothing and footwear (1.7% vs 1%), furnishings, household equipment, and routine household maintenance (1% vs 0.6%), and communication (1.2% vs 0.7%). At the same time, inflation remained unchanged for education at 8.3%, while deflation in recreation and culture eased to 0.3% from 0.7%. In contrast, price growth moderated for alcoholic beverages and tobacco (7.7% vs 8.6%), health (4.2% vs 4.5%), transport (2% vs 2.1%), and restaurants and hotels (4.2% vs 4.3%). On a monthly basis, consumer prices rose 1.3% in April, following a 0.7% increase in March.

The annual inflation rate in Armenia accelerated for a fourth consecutive month to 4.5% in March 2026, the highest since March 2023, from 4.3% in the previous month. Prices increased at a faster pace for food and non-alcoholic beverages (7.8% vs 6.5%), clothing and footwear (1% vs 0.6%), restaurants and hotels (4.3% vs 4%), and communication (0.7% vs 0.3%) and rebounded for furnishing and household equipment (0.6% vs -0.1%). On the other ahdn, a slowdown was seen in cost for alcoholic beverages and tobacco (6.8% vs 10.3%), miscellaneous goods and services (2.4% vs 2.6%) and transport (2.1% vs 3.6%) and inflation steadied for health (4.5%) and education (8.3%). Prices went down for housing and utilities (-0.3% vs 0.5%) and recreation and culture (-0.7% vs -0.4%). Compared to the previous month, the CPI rose 0.7%.