YEREVAN, November 1. /ARKA/.  The main factor for the slowdown in average inflation was deflation in food prices, which continued in September (yoy), although the pace has been moderating recently, the World Bank said in 'Armenia Monthly Economic Update – October 2023.'  

It said price deflation, at 0.2 percent in August, turned to a 0.1 percent inflation in September (yoy).

As a result, average inflation further decreased to 2.8 percent, significantly below the target of 4 percent  

Only transport prices showed increased inflation in September, to 1.3 percent (yoy). The policy rate stayed at 9.75 percent

Armenian government's inflation projection for 2023 is 4% (±1.5%).  The Central Bank's latest forecast is around 0%.

On October 31, the Central Bank  lowered the refinancing rate by 0.25 percentage points, setting it at 9.5%. -0-