ADB maintains inflation outlook for Azerbaijan
The Asian Development Bank (ADB) has kept its inflation forecast for Azerbaijan steady, projecting average annual inflation at 4.2% in 2025 and 3.5% in 2026, according to the bank’s September update.
These projections remain unchanged from the ADB’s April forecast, News.Az reports, citing local media.
Meanwhile, Azerbaijan’s Ministry of Economy estimates that average inflation will reach 5.4% this year and 4.3% in 2026.
According to the latest forecasts from the Central Bank of Azerbaijan (July 2025), inflation will reach 5.7% this year and approximately 5.3% in 2026. The UN, meanwhile, forecasts inflation in Azerbaijan at 3.6% this year and 3.1% next year.
The World Bank expects average annual inflation in Azerbaijan to be 2.3% in 2025-2026. The International Monetary Fund forecasts average annual inflation in Azerbaijan at 5.7% in 2025, and annual inflation at 5.2%. The Fund expects average annual inflation to reach 4.5% in 2026, and 4% in 2027-2029.
ING Group, the Netherlands' biggest banking group, forecasts average annual inflation in Azerbaijan at 5.5% in 2025, 5.3% in 2026, and 8.9% in 2027.
International rating agencies S&P Global and Moody's forecast average annual inflation in Azerbaijan at 4% and 3% this year and next, respectively, while Fitch Ratings forecasts 5.3% in 2025 and 4.6% in 2026.
Average annual inflation in Azerbaijan was 2.2% last year and 5.6% in January-August 2025.
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