ArmInfo. In Armenia, the industrial price index in January- September 2025 was 103.1% (compared to 102.9% in the same period of 2024). This slight change was seen amidst a decline in the annual dynamics of the industrial sector, shifting from 12.6% growth to 5.7% decline, with a volume of 2.1 trillion drams ($5.3 billion), according to preliminary data from the RA Statistics Committee. In September 2025, compared to September 2024, the industrial price index saw a more significant increase rising from 102.9% to 105.9%./ This increase was observed alongside accelerated industrial sector growth from 4.6% to 10.1%.
Notably, inflation was recorded in the Armenian consumer market during these periods. Specifically, in January-September 2025, inflation was 3.3% compared to the same period in 2024. In September 2025 inflation was 3.7% compared to September 2024, while in these same periods a year earlier, there was a flat (0%) and an inflation rate of 0.6%, respectively, Moreover, inflation in the consumer market was mainly driven by an increase in food prices: in January-September 2025 compared to the same period in 2024 - by 5.2%, and in September 2025 compared to September 2024 - by 5.9%, whereas a year earlier during these periods food prices became cheaper - in January-September 2024 by 2.1% per annum and in September 2024 - by 0.5% per annum. Additionally, the cost of services continued to rise: by 3% - in January-September 2025 compared to the same period in 2024 and by 2.8% in September 2025 compared to September 2024, against similar growth rates a year ago - 3% and 3.6%, respectively.
It is worth noting that this is accompanied by a slowdown in economic activity growth in Armenia in January-September 2025 from 8.7% to 7.6% per annum, and an acceleration in growth from 7% to 10.5% in September 2025 to September 2024. Additionally, there has been a deterioration in the annual dynamics of foreign trade turnover in January-September 2025, with a 39.3% decline compared to a 73.5% growth in the same period of 2024. As a result of a decline in both exports - by 46.8%, and imports - by 33.4% (compared to a significant growth of exports and imports a year ago by 2.1 times and 54.2%, respectively). Moreover, in September 2025, compared to September 2024, the volume of foreign trade fell by 21.6% due to reductions in both exports by 24.4% and imports by 19.5%. A year earlier in September 2024, compared to September 2023, foreign trade turnover showed growth of 22.4%, largely due to an increase in exports by 38.9%, rather than imports by 11.9%. (The average exchange rate of the dram in January-September 2025 was AMD 388.66/$1).
