...

CBA takes necessary steps to reduce inflation

Economy Materials 1 February 2023 11:56 (UTC +04:00)
CBA takes necessary steps to reduce inflation
Sadraddin Aghjayev
Sadraddin Aghjayev
Read more

BAKU, Azerbaijan, February 1. The Central Bank of Azerbaijan (CBA) is taking steps to reduce inflation, said Governor of the CBA Taleh Kazimov during the press conference dedicated to the changes in interest rate, Trend reports.

According to him, the annual inflation rate in Azerbaijan is expected to be at 8 percent in 2023.

He also noted that significant macroeconomic changes were observed in the financial sector in 2022. It mainly concerns inflation, increased prices for petroleum products, as well as a dynamic change in demand for certain goods.

"Azerbaijan, as part of the global economy, has experienced and continues to experience global economic shocks, and the bank, in accordance with its mandate, is taking all necessary steps to reduce these risks," said Kazimov.

The annual inflation totaled 14.4 percent in December 2022, which is 1.2 percentage points below the peak level (15.6 percent in September). The food inflation was 19 percent in December 2022. The growth rates of producer prices (in December, the annual increase in the producer price index of agricultural products was 10.2 percent, in the non-oil sector, the price index of industrial goods was 10.6 percent) and import prices (in November, the annual increase in import prices was 23.4 percent) are at double-digit levels.

Tags:
Latest

Latest