YEREVAN, May 31 (Reuters) - Armenia’s central bank has revised its annual inflation forecast for 2017 to 2.5 percent from 0.6 percent, the bank said on Wednesday.
Armenia has seen consumer prices decline recently as it felt the pain from the economic crisis in Russia, which hit consumer demand as remittances from Armenians working in its former Soviet ruler went down.
Annual deflation in 2016 was 1.1 percent.
The central bank governor Artur Javadyan told in an interview to Reuters in March that prices would remain at a low level over the short term, gradually boosting annual inflation to 4 percent by early 2019. (Reporting by Hasmik Mkrtchyan, writing by Margarita Antidze; editing by Maria Kiselyova)