In Armenia, inflation in the coming months will remain at the upper limit of the Central Bank's target range (3±1%). This is the conclusion reached by the Eurasian Development Bank in its latest macroeconomic review. In March 2026, consumer price growth accelerated to 4.5% year-on-year, compared to 4.3% a month earlier.
The main driver of inflation remains food products: their cost increased by 7.8% after 6.4% in February. At the same time, the dynamics in the services and non-food goods segments remains more restrained — 2.6% and 0.9%, respectively. This indicates local pressure specifically from the food market.
According to forecasts, in the short term, inflation will be near the upper limit of the target range of the Central Bank of Armenia. The 2026 budget includes a target of 3% with a deviation of ±1%, while the regulator itself expects a final figure in the range of 3.3–4.4% by the end of the year, with a gradual slowdown in subsequent years.