Armenia’s annual inflation holds at 4.3% in October

Consumer prices in Armenia were 4.3% higher in October 2026 than a year earlier, the country’s Statistical Committee found. The annual inflation rate was unchanged from September, although the monthly increase accelerated from 0.2%.

ArmBanks said the committee recorded a 0.3% increase from September. Prices in January–October were 4.5% higher than in the same period of 2025.

Food and housing costs

Food and nonalcoholic beverage prices remained above their year-earlier level, even as their annual rate of increase slowed. Housing and utilities prices rose faster than they had in September.

Food and nonalcoholic beverages are the largest category in the consumer price index, accounting for 38%, the measure used to track overall price changes. A category’s price increase is not the same as its contribution to overall inflation.

Budget benchmark and forecasts

Armenia’s 2026 state budget sets an inflation benchmark of 3%, with a tolerance of plus or minus 1 percentage point.

In its third-quarter monetary policy report, the Central Bank of Armenia projected inflation of 4.2%–4.5% for 2026, depending on the scenario, and 2.7%–3.4% for 2027. These are forecasts for the years ahead, rather than the committee’s observed price changes.