Azerbaijani Deputy Minister of Economy clarifies inflation forecast in Azerbaijan

The average annual inflation is forecasted at 10.4 percent this year in Azerbaijan, Deputy Minister of Economy Elnur Aliyev said at a meeting of the Milli Majlis (Parliament) Committee on economic policy, industry and Entrepreneurship, reports.

According to Aliyev, this is a forecast with measures taken by the Central Bank of Azerbaijan to reduce inflation and the steps taken in this direction by the government.

"Uncertainty regarding supply and demand factors in inflation is still high. The CBA forecasts inflation for this year at 8.9 percent. This is a figure for 12 months. And we are talking about the average annual inflation. There is no contradiction between these indicators," the deputy minister said.

According to the forecast of the World Bank, the average annual inflation in Azerbaijan is expected to be 8.5 percent in 2023 and 6.2 percent in 2024.

In 2022, the inflation rate in Azerbaijan made up 13.9 percent.

You Might Also Like