Inflation Armenia 2023
Average inflation: 2.0%
Current Inflation
Inflation is normal at 2.0%, around the ECB target.
Peak and Trough
The highest inflation was in January at 8.1%. The lowest inflation was in December at -0.6%.
- Highest month
- January: 8.1%
- Lowest month
- December: -0.6%
- Difference
- 8.7 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Energy with an average of 2.8%. The lowest price increase was in Food with an average of -0.4%.
- Highest increase
- Energy: 2.8%
- Lowest increase
- Food: -0.4%
Historical Context
Current inflation is 2.1% lower than the 5-year average of 4.1%.
- 5-year average
- 4.1%
- 10-year average
- 2.9%
- All-time high (2022)
- 8.6%
- All-time low (2016)
- -1.4%
Trend
Inflation shows a downward trend. Compared to 2022, inflation has fallen by +6.6 percentage point.
- Change vs. previous year
- -6.6 percentage points
- Largest monthly swing
- June: -10.8 percentage points
ECB Target
Inflation is close to the ECB target of 2.0%.
Purchasing Power
At this inflation rate, purchasing power noticeably decreases. Without a salary increase, you can buy less with the same money.
What you could buy for €100 this year will cost approximately €102.00 next year at this inflation rate.
Multi-year trend
Monthly figures 2023
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2022 |
|---|---|---|
| January | 8.1% | +1.0 |
| February | 8.1% | +1.6 |
| March | 5.4% | -2.0 |
| April | 3.2% | -5.2 |
| May | 1.3% | -7.7 |
| June | -0.5% | -10.8 |
| July | -0.1% | -9.4 |
| August | -0.2% | -9.3 |
| September | 0.1% | -9.8 |
| October | 0.1% | -9.4 |
| November | -0.5% | -9.3 |
| December | -0.6% | -8.9 |
| Average | 2.0% |
Data source
Data from WorldBank. Last updated: 06/01/2026.