Consumer prices in Armenia were up 7.1 percent year-on-year in January after 7.7 percent inflation in December, the Statistical Committee said.

Inflation in January was 1.6 percent compared to a month earlier when the consumer price index rose by 1.6 percent.

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.