The 12-month inflation rate continued to decline in December 2022 and made 8.3% at the end of the year. The 12-month natural inflation decreased as well, amounting to 9.5%.
The press service of the Central Bank of Armenia told Armenian News-NEWS.am that the economic activity of Armenia's main partner countries continued to slow down at the end of 2022.
Relatively expanded demand has helped maintain the inflationary environment. Central banks of developed countries will continue to tighten monetary conditions.
At the end of 2022, the Armenian economy remained highly active, supported by strong demand in the services sector. Positive trends of increasing export potential in services and industry continued.
High demand is still reflected in the labor market and contributes to the growth of wages and prices of certain goods and services.
In the outlined scenario of monetary policy, 12-month inflation will gradually decline and stabilize at the target of 4% from the second half of 2023.