Core inflation rises slightly to 3.8 percent: Central Bank chairman

In the fourth quarter of 2025, twelve-month inflation in Armenia slowed to 3.1 percent in November, while core inflation increased slightly, reaching 3.8 percent, Central Bank Chairman Martin Galstyan stated at a press conference held at the Central Bank of Armenia.

“In the fourth quarter of 2025, Armenia continues to maintain high economic activity. This is largely driven by the construction and services sectors, as well as several short-term, non-structural factors,” Galstyan said.

He noted that during the third and fourth quarters of 2025, strong external demand for domestically produced goods and services has persisted. At the same time, current domestic demand conditions remain in place, alongside significant uncertainty regarding their future trajectory.

“In this context, the impact of demand on inflation is still assessed as neutral, while current inflationary trends are mainly shaped by certain supply-side factors,” Galstyan concluded.