Consumer prices in Armenia were up 7.7 percent year-on-year in December after 9.7 percent inflation in November, the Statistical Committee said.

Inflation in December was 1.6 percent compared to a month earlier when the consumer price index rose by 1.7 percent. In January-December, annual inflation was 7.2 percent year-on-year.

Armenia’s government projected annual inflation in a range of 2.5-5.5 percent in 2021, but the central bank said that annual inflation would exceed the target. The economic growth projection for the last year was revised upwards to 6 percent from 3.2 percent.