In September 2024, Armenia reported an annual inflation rate of just 0.6%, reflecting a stable economic environment compared to many other regions experiencing higher inflation rates [aafc939d]. The Statistical Committee of Armenia noted a monthly inflation rate of 0.2%, with food and non-alcoholic beverages showing a year-on-year deflation of 1% [aafc939d]. However, prices for alcoholic beverages and tobacco rose by 4.1% annually, while clothing and footwear prices decreased by 3.4% [aafc939d]. Utility costs saw a slight increase of 0.6% over the year, and healthcare prices rose by 2% [aafc939d]. Transportation services experienced a significant increase of 9% year-on-year, and education sector prices grew by 7.8% [aafc939d]. Overall, non-food product prices decreased by 1.7% year-on-year, while service tariffs increased by 3.6% annually [aafc939d].
Looking ahead, the Armenian government forecasts an economic growth rate of 7% for 2024, while the Central Bank has projected a more conservative growth rate of between 5.8% and 6.5% [aafc939d]. This marks an adjustment from previous projections of 6.5% growth in 2023 and 5.5% in 2024, indicating a positive outlook for the Armenian economy despite the challenges presented by global economic conditions [aafc939d].