Armenia's inflation reached 5.3% in April, CBA chief says

Armenia’s annual inflation rate continued to climb in April, reaching 5.3%, driven largely by rising import prices for fuel and food, Central Bank of Armenia (CBA) Governor Martin Galstyan told lawmakers on Monday.

Galstyan said supply-side factors remain the main contributors to inflation, noting that higher costs and limited quantities of imported goods are pushing prices upward. “The overall impact on inflation is expanding, though the drivers are primarily supply-related,” he said at a parliament session.

Despite the inflationary pressures, Galstyan projected economic growth at 5-5.5% this year, adding that signals point to potentially stronger expansion. He emphasized that Armenia cannot remain insulated from global price trends. “The inflation we see worldwide will also affect Armenia,” he said.

Galstyan explained that if inflation stems from supply shocks, the Central Bank may avoid intervention, but if fueled by domestic demand such as fiscal spending or tourism growth, policy responses would be necessary.