In November, after the stable situation of the previous months, the 12-month normal inflation increased to 8.4%, and the 12-month inflation—to 9.6% in Armenia. Governor of the Central Bank of Armenia (CBA), Martin Galstyan, told this to a press conference Tuesday.

According to him, inflation in Armenia was 1.7% in November, whereas in November last year this figure was 1.3%. According to him, the foreign sector will strengthen the inflationary impact on the Armenian economy.

"Economic activity in Armenia is estimated to be lower than was expected. This is mainly due to the slowdown in the rate of growth in agriculture and industry. Nevertheless, the positive dynamics of demand is maintained, which is assisted by the impact of external demand because of the higher-than-expected rates in tourism," Galstyan said.

He explained that the refinancing rate in Armenia has increased to 7.75%—and taking into account the considerable increase in external inflationary impacts.

"It is predicted that in such conditions the 12-month inflation [in Armenia] will gradually decrease, approaching the target 4% and stabilizing around that indicator," the CBA chief concluded.