The 12-month inflation continued to decrease in Armenia in the first quarter of 2024; a deflation of 1.2% was recorded in March. The governor of the Central Bank of Armenia (CBA), Martin Galstyan, announced this at a press conference Tuesday.

Galstyan added that the 12-month natural inflation also decreased in Armenia, a 0.7% deflation was recorded in March.

According to him, high economic activity was maintained in Armenia in the first quarter of 2024, which was greatly contributed by the considerable growth of trade and industry branches.

Galstyan added that amid high uncertainty, given its commitment to the goal of price stability in Armenia, the CBA Board is considering multiple scenarios in its deliberations.

As a result, balancing the risks, the CBA Board decided to continue the gradual easing at a slow pace. The CBA Board will continue to monitor economic development scenarios and is ready to take appropriate actions to ensure the objective of 4 percent inflation and price stability over the medium-term horizon in Armenia.