The Central Bank of Armenia (CBA) lowered the refinancing rate by 0,5 pct, to 8%.

A 0,3% inflation was posted in October against 1,2% from the year earlier period. The 12-month inflation has dropped to total 7,1% in late October.

Inflation decrease tendency is mainly prompted by the CBA’s toughening of money-and-credit terms and lower-than-planned economic growth rate.

The CBA Council predicted progressive decrease in the 12-month inflation rate.

Also, according to the Council, slower growth rate was triggered by a VAT drop in the construction sector, as well as high inflation environment formed over a hike in energy tariffs.