Consumer prices in Armenia were up 12.8 percent year-on-year in March after 6.5 percent annual inflation in February, the Statistical Committee said.

Inflation in March was 2.3 percent compared to a month earlier when the consumer price index rose by 0.1 percent.

In January-March, consumer prices rose by 7.4 percent year-on-year.

Armenia’s government projects annual inflation in a range of 2.5-5.5 percent in 2022. The central bank expects that inflation will get closer to the target at the end of the second quarter.