According to the World Bank’s latest monthly economic update on Armenia, inflation in September 2025 stood at 3.7% year-on-year, with a month-on-month increase of 0.1% compared to August.

The report states that the rise was mainly due to higher prices for food and non-alcoholic beverages, which saw a 5.8% annual increase.

Inflation was also influenced by price growth in health services (up 3.5%) and transportation (up 4.1%), both of which are key components of Armenia’s consumer basket, with health accounting for 18% of it.

On September 16, the Central Bank of Armenia maintained its refinancing rate at 6.75% and signaled the start of a gradual reduction cycle, aiming to lower it to 6.25% within the next 12 months.