Armenia Consumer Prices · February 2027

Armenia Consumer Prices · February 2027 is scheduled for WED 11 MAR 2027 at 12:00 AMT. The data covers February 2027.

Monthly headline CPI (YoY and MoM): The 12-month and 1-month change in Armenia's consumer price index. The year-on-year rate is the primary comparison against the Central Bank of Armenia's ±1.5 pp tolerance band around the 4% target. Component breakdown: Food and non-alcoholic beverages (the largest basket weight at ~35%), housing and utilities, transport, clothing, and other categories. Food and housing are the primary drivers of Armenia's CPI fluctuations. Regional breakdown (selected): Armstat also publishes selected regional price data covering Yerevan and major marzes (provinces). Yerevan typically shows lower food inflation than rural regions due to better market competition and supply chain access. For detailed definitions of each measure, see the IMF inflation methodology.

Armenia's inflation dynamics in 2026–27 — Armenia experienced an unusually large inflation cycle in 2022–23, driven by: (1) the Russia-Ukraine conflict's impact on import prices (Armenia imports significant food and fuel via Russia and Georgia); (2) the surge in Russian migration to Armenia following the 2022 mobilisation, which drove up domestic demand particularly in Yerevan's housing and services sectors; (3) regional agricultural supply disruptions. By mid-2026, these shocks were fully absorbed — headline CPI fell from a 10%+ peak in late 2022 to around 4.4% in August 2026. The question for early 2027 is whether disinflation continues smoothly or stabilises above the 4% target. Compare trends using the inflation explorer. The Central Bank of Armenia's response framework — The Central Bank of Armenia (CBA) has an inflation-targeting framework with a 4% midpoint target and ±1.5 pp tolerance band (2.5–5.5%). The CBA began cutting rates in 2023 as inflation fell from its 2022 peak. By early 2026, the refinancing rate had been cut to 7.25% — still significantly above neutral (estimated at ~5%) given persistent above-target inflation. The February 2027 CPI data will inform whether the CBA can continue its cutting cycle or needs to pause. Notably, the CBA is a relatively small central bank with an open economy highly sensitive to imported inflation from Russia, Europe, and global food prices. Its policy decisions reflect this vulnerability — rate rises cannot easily offset imported food price shocks, but rate cuts can stimulate domestic demand and worsen inflationary pressures if poorly timed. Armenian dram and imported inflation — Armenia's CPI is significantly affected by exchange rate movements. The Armenian dram has been relatively stable in 2025–26, supported by remittances from Russia and diaspora inflows. However, any significant dram depreciation would immediately raise import prices for food, fuel, and manufactured goods — adding to CPI. Conversely, a strong dram (as was seen in 2022–23 when remittances surged) reduces import prices and helps keep inflation down. Watch the AMD/USD and AMD/EUR rates alongside the CPI data — the two are tightly linked for Armenia's small open economy. See our Armenia inflation Q3 2026 analysis for recent context. For a deeper explanation of how consumer price indices are constructed, the IMF's primer on inflation is a reliable starting point.

The official source is Armstat — Consumer Price Indices. Times shown are in AMT — see the time-zone table on this page for your local equivalent. The Federal Reserve's economic data page and ECB statistics portal also carry same-day updates.

Going into this release: Armenia CPI (Dec 2026 est.) was ~3.8% (continued disinflation from 2026 peak); Food CPI (Dec 2026 est.) was ~5.0% (dominant basket component); Core CPI (Dec 2026 est.) was ~2.8% (ex food & energy); CBA refinancing rate was 7.25% (cut from 9.25% peak in 2023). Historical releases and revisions are archived in the World Bank WDI inflation series.