Normal Inflation Has Slightly Increased: Central Bank President

In the fourth quarter of 2025, the annual inflation rate has slowed down, reaching 3.1 percent in November. During this period, normal inflation has slightly increased to 3.8 percent, said the President of the Central Bank of Armenia, Martin Galstyan, at a press conference held at the Central Bank.

“High economic activity in Armenia is being maintained in the fourth quarter of 2025. This is significantly supported by the construction and service sectors, as well as certain short-term non-structural factors. There is a sustained high external demand for local goods and services in the third and fourth quarters of 2025. At the same time, significant uncertainties related to the current conditions of domestic demand and its future trends are also persisting,” noted Martin Galstyan.

He also mentioned that in such a situation, the impact of demand on inflation is currently assessed as neutral, while the current trends in inflation are mainly driven by certain supply factors.