BAKU, Azerbaijan, April 9. Inflation in Azerbaijan is expected to stand at 4.2 percent in 2025 before dropping to 3.5 percent in 2026, Trend reports citing the Asian Development Bank (ADB).
ADB said in its latest report that Azerbaijan saw 2.2 percent inflation in 2024 after 8.8 percent recorded in 2023.
“Inflation fell in early 2024, in particular for food and other goods, but began rising midyear on higher fuel prices. Average annual inflation plunged from 8.8% in 2023 to 2.2% in 2024,reflecting declines in inflation for food from 9.6% to 1.3%, other goods from 8.4% to 1.6%, and services from 8.2% to 4.0%. Lower global food prices contributed to the slowdown,” reads the report.
ADB analysts note that a June 2024 rise in administered fuel prices contributed to an increase in average annual inflation from 0.6% in May to 2.2% in December.