ArmInfo. In September 2026, compared to September 2025, inflation in the Armenian consumer market was 4.3% (compared to 3.7% a year ago), driven primarily by rising food prices.
In the first nine months of 2026, inflation stood at 2.2% (compared to 1.1% for the same period last year), driven largely by rising service prices and partly by rising food prices. According to the RA Statistics Committee, in September alone, Inflation was recorded at 0.2% (versus 0.3% a year earlier in the same month), driven by a more noticeable increase in service prices of 0.4% (the same as a year ago), with non-food price growth remaining almost unchanged at 0.3% (versus 0.4% a year ago) and a less noticeable increase in food prices of 0.1% (versus 0.3% in September 2025).
Over the first 9 months of this year, Inflation was primarily driven by the continued rise in service prices by 3.1% and the rise in food and non-food prices by 1.7% and 1.5%, respectively. This compares to lower inflation recorded over the nine months of the previous year, amid a more significant increase in service prices by 3.3%, while food and non-food prices remained unchanged.
Inflation was 4.5% in January-September 2026, compared to the same period in 2025, compared to 3.3% in the previous year. Moreover, food prices increased by 7.3%, services prices increased by 2.6%, and non-food goods prices increased by 1.8%, while a year earlier, food prices increased by 5.2%, services prices increased by 3%, and non-food goods prices decreased by 0.2%.
In September 2026 compared to September 2025, inflation of 4.3% resulted from a more noticeable increase in food prices by 6.4%, which accelerated to 2.4% in non-food prices, and a 2.9% increase in service tariffs, while a year earlier, in September 2025 compared to September 2024, lower inflation of 3.7% was recorded, provoked by a 5.9% increase in food prices and a 2.8% increase in services prices with a less noticeable non-food price increases by 0.9%.
Of the food products, the most significant price increases year-on-year (September 2026 vs. September 2025) were: eggs - by 23.8%, beef - by 21.5%, cocoa - by 16.8%, lamb - by 15.6%, spelt (dzavar) - by 12.4%, buckwheat - by 10.6%, sunflower oil - by 9.5%, sour cream - by 8.8%, milk - by 8%, fruits - by 7.3%, cheeses and cottage cheese - by 7-6.7%, pasta - by 6.7%, chocolate - by 6.3%, tea and coffee - by 5-4.3%, poultry - by 4.8%, granulated sugar - by 4.5%, vegetables - by 3.9%. Bread prices increased much more modestly – by 2.2%, flour – by 2%, and peas – by 1.6%. Among food products, trout prices decreased by 18.1%, rice – by 3.9%, beans and lentils – by 4.1-3.7%, butter – by 3.5%, and pork.
- by 0.9%.
Of fruits, bananas increased significantly year-on-year – by 25.3%, apricots – by 24.2%, apples – by 22.9%, tangerines – by 16%, grapes – by 14.9%, pomegranates – by 12.9%. Only peaches – by 16.1%, oranges and strawberries – by 15.5% and 15%, respectively, and watermelon – by 7.5%. Among vegetables, the most significant price increases were for cabbage (up 78.8%), onions (up 8.3%), mushrooms (up 5.3%), peppers (up 4.5%), greens (up 4%), and potatoes (up 2.2%). Prices decreased for cucumbers (up 13.8%), garlic (up 13.8%), carrots (up 11.3%), green beans (up 6.2%), eggplants (up 5.9%), cauliflower and broccoli (up 1.6%), and tomatoes (up 0.8%).
Cigarette prices increased by 6.9% year-on-year, compared to an 8.3% increase the previous year. Among alcoholic beverages, vodka has increased in price most significantly year-on-year - by 10.8%, while beer and wine have increased in price more modestly - by 5% and 1%, respectively, whereas a year ago beer and wine increased in price almost equally - by 2.5% and 3.1%, and vodka increased in price less noticeably - by 5.4%. Bottled mineral water has increased in price year-on-year by 3.2% (against 3.5% growth a year ago). In the non-food market, the annual growth in prices for furniture accelerated - from 0.6% to 1.2%, for disposable household goods - from 3.2% to 4.4%. Clothing began to go up in price - by 5.2% (against a decrease of 2% a year ago) and footwear - by 3.6% (against a decrease of 0.1% a year ago). The annual growth in jewelry prices slowed, from 27.2% to 21.4%, and medical equipment prices, from 4.6% to 1.6%. At the same time, the annual decline in prices for gardening tools accelerated, from 8.7% to 12.9%. Large household appliances fell in price, by 0.4% (compared to last year's growth of 2.5%), and medicines, by 0.6% (compared to last year's growth of 4.1%).
Gasoline and diesel fuel prices increased year-on-year (September 2026 compared to September 2025) by 11.4% and 28%, respectively, while a year ago, gasoline prices fell by 1.1% and diesel fuel prices rose by 1.5%. Liquid hydrocarbon prices (butane, propane, etc.) increased by 28.3% year-on-year.
As for services, significant annual tariff increases were recorded in the hotel industry – by 9.9% (versus 1.6% a year ago) and for compulsory motor third-party liability insurance – by 6% (versus 12.4% a year ago). Medical services increased more significantly than a year ago – by 5.3-7.1% (versus 1.4-3.2% a year earlier) – and doctor consultations – by 9.3% (versus 7.1% a year ago), while dental services continued to increase more modestly – by 2.1% (versus 5.4% a year ago). Tariffs for comprehensive leisure services slowed significantly, from 14.7% to 5.8%, as did hairdressing and spa services, from 11.3% to 3.7%.
September's annual inflation of 4.3% was accompanied by a 5% appreciation of the dram against the dollar, a more moderate increase already seen the previous year.
- inflation of 3.7% and a 1.2% appreciation of the dram against the dollar. Specifically, the dram strengthened in September 2026 to 363.6 drams per dollar from 382.8 drams per dollar in September 2025.
It should be noted that starting in 2025, the inflation target is set at 3% with an acceptable range of +/- 1 percentage point. (versus the previous 4%, +/- 1.5 percentage points).
