Inflation in Armenia
In the year to July 2026, consumer prices in Armenia rose 4.5%, down from 5.1% a month earlier. Since January 2010 prices have risen 69.3%, which means ֏100 then buys what ֏169.34 buys now, so the same basket of goods costs 1.7 times what it did.
Cumulative & Yearly Inflation
Inflation in Armenia by year
Inflation is the change in that year's average prices against the year before, which is the figure usually quoted. The last two columns take ֏100 in January of that year and show what it is worth in July 2026, the most recent month on record. Only years measured in full are listed, so the year now running appears once it ends.
| Year | Inflation | ֏100 is now | Cumulative inflation |
|---|---|---|---|
| 2020 | 1.2% | 126.34 | 26.3% |
| 2024 | 0.3% | 105.39 | 5.4% |
| 2025 | 3.3% | 103.60 | 3.6% |
Every year from 2011 to 2025
| Year | Inflation | ֏100 is now | Cumulative inflation |
|---|---|---|---|
| 2011 | 7.7% | 153.54 | 53.5% |
| 2012 | 2.6% | 146.47 | 46.5% |
| 2013 | 5.8% | 142.83 | 42.8% |
| 2014 | 3.0% | 135.40 | 35.4% |
| 2015 | 3.7% | 129.93 | 29.9% |
| 2016 | -1.4% | 130.45 | 30.4% |
| 2017 | 1.0% | 131.34 | 31.3% |
| 2018 | 2.5% | 127.69 | 27.7% |
| 2019 | 1.4% | 126.69 | 26.7% |
| 2020 | 1.2% | 126.34 | 26.3% |
| 2021 | 7.2% | 120.88 | 20.9% |
| 2022 | 8.6% | 112.89 | 12.9% |
| 2023 | 2.0% | 104.48 | 4.5% |
| 2024 | 0.3% | 105.39 | 5.4% |
| 2025 | 3.3% | 103.60 | 3.6% |
A short history of inflation in Armenia
The Food Price Spike (2010 to 2011)
Armenian inflation peaked at 11.5% in the year to March 2011, driven by the global food price spike of that year meeting a landlocked economy that imports most of its grain and all of its fuel. Armenia also depends unusually heavily on remittances, chiefly from Russia, which means the household incomes that meet those prices rise and fall with an economy a thousand miles away.
The Central Bank of Armenia has run a formal inflation target since 2006, earlier than most of its neighbours, and inflation has generally been moderate. Its swings come from outside: world commodity prices, the rouble's value, and the volume of money sent home.
Post-Covid Inflation (2021 to 2023)
In Armenia, prices rose fastest in June 2022, at 10.3%. The causes of the post-Covid inflation were global in nature, beginning with the lockdowns: factories and ports closed and the shipping between them fell out of sequence, so goods took longer to make and longer to arrive. Governments had spent heavily supporting household incomes through those closures, so when restrictions lifted there was money waiting to be spent and not enough on the shelves to spend it on. Then in February 2022 Russia invaded Ukraine, disrupting two of the world's largest suppliers of wheat, fertiliser, oil and gas at once, and the cost of everything grown, heated or transported rose with them.
Because the causes were shared, so was the timing: most countries peaked within a few months of one another in late 2022. The major inflation events covers this episode and the others in more detail.
Common questions about inflation in Armenia
What is the current inflation rate in Armenia?
Prices in Armenia rose 4.5% in the year to July 2026. That is down from 5.1% a month earlier.
What would ֏100 in January 2010 be worth today?
֏100.00 in January 2010 has the same buying power as ֏169.34 in July 2026, a rise of 69.3%.
What would ֏100 in January 2020 be worth today?
֏100.00 in January 2020 has the same buying power as ֏126.34 in July 2026, a rise of 26.3%.
What is Armenia's inflation target?
Armenia targets 4%. The latest reading of 4.5% is running 0.5 points above it.
How inflation in Armenia is measured
The figures on this page come from the IMF's CPI dataset, with the original data from the Statistical Committee of Armenia. The series is indexed so that a chosen base year equals 100, and the calculator works out the ratio between any two dates you pick.
The currency shown is the Armenian dram (֏). Coverage runs from January 2010 to July 2026, and updates automatically as each new release is published. Figures for the most recent periods can be revised by the statistics office after first publication.
Use this data
Click the reference to select it.
Compare Inflation. “Inflation in Armenia.” Figures for July 2026. https://compareinflation.com/inflation-in-armenia/
Download the full series (CSV) — 199 months, January 2010 to July 2026, with the annual rate for each.