ArmInfo. In Armenia, the industrial price index in January-September 2026 amounted to 108.8% (versus 103.1% in the same period of 2024). A significant increase in this indicator was observed against the background of an improvement in the annual dynamics of the industrial sector from a 5.7% decline to 5.8% growth, with a volume of 2.4 trillion drams ($6.4 billion). This is evidenced by preliminary data from the Statistical Committee of the Republic of Armenia. Moreover, the increase in the industrial price index in September 2026 compared to September 2025, from 105.9% to 108.6%, was observed against the backdrop of a deterioration in the industrial sector's dynamics, from 10.1% growth to a 4.5% decline.
Notably, inflation was recorded in Armenia's consumer market during these periods. Specifically, in January-September 2026, compared to the same period in 2025, inflation was 4.5%, and in September 2026 compared to September 2025, inflation was 4.3%, compared to 3.3% and 3.7%, respectively, in the same periods a year earlier. Moreover, inflation in the consumer market was mainly supported by an increase in food prices: in January-September 2026 compared to the same period in 2025 - by 7.3%, and in September 2026 compared to September 2025 - by 6.4%, which was also noted a year earlier during these periods, when food prices increased in January-September 2025 by 5.2% per annum and in September 2025 - by 5.9% per annum. At the same time, utility prices continue to rise: by 2.6% in January-September 2026 compared to the same period in 2025, and by 2.9% in September 2026 compared to September 2025, compared to similar price increases a year ago of 3% and 2.8%, respectively.
It is worth noting that this is accompanied by a slowdown in economic activity growth in Armenia in January-September 2026 from 7.6% to 6.9% per annum, and in September 2026 compared to September 2025, from 10.5% to 5%. At the same time, there is an improvement in the annual dynamics of foreign trade turnover in January-September 2026 to 2.7% growth from 39.3% decline in the same period of 2024, as a result of the import trend exiting from 33.4% decline to 9.5% growth and a strong slowdown in the decline in exports from 46.8% to 8%. Moreover, in September 2026, compared to September 2025, the decline in the volume of foreign trade slowed to 3% due to the exit of the import dynamics to 7.2% growth and the slowdown of the decline in exports to 18.6%, whereas a year earlier in September 2025, compared to September 2024, the foreign trade turnover showed a double-digit decline of 21.6% due to a decrease in both exports by 24.4% and imports by 19.5%. (The average exchange rate of the dram in January-September 2026 was 371.32 drams/$1).
