Central Bank of Azerbaijan predicts gradual decline in annual inflation in 2023 (UPDATE)

Economy Materials 29 July 2022 14:58 (UTC +04:00)

Details added, first version posted at 11:44

BAKU, Azerbaijan, July 29. According to forecasts, annual inflation in Azerbaijan will gradually decrease to single digits with a favorable change in external factors, in 2023, Governor of Central Bank of Azerbaijan (CBA) Taleh Kazimov said at a press conference, on July 29, Trend reports.

"It is expected that seasonal factors will have a restraining effect on inflation in July and in August," Kazimov said.

Kazimov noted that the upward trend in annual inflation continues despite the 0.1 percent deflation in June 2022.

"The annual inflation was 14.2 percent in June, 2022, and the average annual inflation was 12.9 percent. Inflation is affected by the rise in food prices. The annual growth in food prices amounted to 20.6 percent in June,” Kazimov added.