YEREVAN, February 1. /ARKA/. By the end of 2022 the inflation in Armenia will probably be around 5-5.5%, Chairman of the Central Bank Martin Galstyan said today at a press conference.

Galstyan praised the Central Bank’s performance in 2021 in the context of curbing inflation.

"Our calculations show that if we had not taken measures during last year, our inflation at the end of 2021 would have been 15%. This suggests that food prices would have surged by 20%," he stressed.

In this regard, Galstyan said that the 7.7% inflation recorded last year was the result of prudent policy of the Central Bank, including through no aggressive increase in rates.

"The Central Bank pursued a very prudent policy regarding the refinancing rates, and I think this has borne fruit. And since our mandate calls for a certain time lag in which we must return to our target, I think we will keep our word," he added.

According to official statistics, the 12-month inflation rate in the Armenian consumer market was 7.7% in 2021 compared to 2020. The state budget for 2022 forecast a GDP growth of 7%, and inflation at 4% (±1.5%). -0-