Inflation in Armenia in July amounted to 4.5% annually, after 5.1% in the previous month, according to the Eurasian Development Bank (EDB).

The main impact was the slowdown in food price increases, from 8.6% to 7.4% annually.

The increase in non-food prices accelerated from 2.3% to 2.5% annually, while price rises in the services sector slowed from 2.6% to 1.8% annually.

In these conditions, the Central Bank of Armenia maintained the refinancing rate at 6.5% at its meeting on August 3. The decision was influenced by the increased risks of a slowdown in price increases in the food sector due to export restrictions.

It is projected that inflation in Armenia will reach 4.4% annually by the end of 2026, the EDB noted.