According to Armenia's Statistical Committee, the annual inflation rate in December 2024 stood at 1.5%, with prices increasing by 1% during the last month of the year. The most significant price growth was observed in the education sector, which saw a 7.8% increase over the year.
Food products and non-alcoholic beverages rose by 2% year-on-year and by 2.3% in December alone. Alcoholic beverages and tobacco products experienced a 3% annual price increase, while prices in this category remained stable in December.
Interestingly, some sectors reported price declines. Clothing and footwear prices dropped by 2.6% over the year, and non-food items saw a 1.8% decrease. Utility costs recorded a slight deflation of 0.2% year-on-year.
Notable increases were observed in the transportation sector (3.3%) and healthcare (3.2%). Service tariffs for households grew by 2.5% over the year but remained unchanged in December.
Armenia's 2024 state budget projected a GDP growth of 7%, with an anticipated economic expansion of 5.1% in 2025. The inflation target for 2024 was set at 4%, with a margin of plus or minus 1.5 percentage points.
