Armenia's 12-month consumer price index rose 4.4% in August 2026, easing from 5.1% in June and continuing the disinflationary trend that has been underway since the second half of 2025. The Statistical Committee of Armenia (Armstat) released the figures in early September.
Food remains the largest driver
Food and non-alcoholic beverages rose 5.8% year on year in August, accounting for the largest share of the headline rate. Within food, bread and cereals, vegetables, and dairy products were the main upward contributors. Housing, water and energy costs rose 3.1%, reflecting both utility tariff adjustments and the tail of higher global energy prices.
Disinflationary trend
The 12-month rate has trended down from a peak of approximately 9% in late 2022. That peak coincided with global commodity price spikes following Russia's invasion of Ukraine — a shock that hit import-dependent economies like Armenia particularly hard. Since then, the combination of tighter monetary policy from the Central Bank of Armenia and normalising global commodity prices has steadily brought inflation lower.
The current 4.4% sits within the bank's 4% target ±1.5 percentage-point band. Unlike in the euro area and UK, where energy drove headline higher in August (covered in our cross-country analysis), Armenia's headline continues to ease — reflecting different energy import price dynamics and the lagged pass-through of earlier dram exchange-rate appreciation.
Context: Armenia in our explorer
Armenia is one of four countries tracked in detail on InflationTheGuide. You can chart the full history of Armenia's annual average rate and 12-month rate from 1996 onwards using the live explorer. Data comes from the World Bank WDI series, updated as Armstat figures are incorporated.