Publications

Georgia's inflation trajectory took a positive turn in 2025, marked by a significant increase compared to the previous year. In March 2026, the annual growth of the consumer prices index accounted to 4.3%. Despite a notable 7.5% increase in food and non-alcoholic beverages prices, several sectors experienced price drops, with telecommunication prices decreasing by 4.3%. These developments prompted the Central Bank to leave the refinance rate at 8%.

In the past, Armenia's position in the region was different regarding price level changes. In March 2026, the annual growth in consumer prices was 4.5%. The highest increase, 8.6%, was recorded in the alcoholic beverage's prices, while prices decreased by 0.3% in household equipment prices. The Central Bank of Armenia also made a significant move by starting to ease its monetary policy last year. The most recent decision saw the refinancing rate left unchanged at 6.5%.

Inflation has decelerated in Azerbaijan. In March 2026, the consumer prices index growth amounted to 5.6%. In February, inflation was at 5.7%. In previous periods, Azerbaijan was also distinguished by relatively high inflation in the region. Nevertheless, the Central Bank of Azerbaijan refrained from tightening the policy. The decision made in April the policy rate unchanged stayed at 6.5%.

See the attached file for the entire document.