BAKU, Azerbaijan, July 21. The inflation forecast for the South Caucasus and Central Asia is raised from 8.8 percent to 11.3 percent in 2022, Trend reports via Asian Development Outlook (ADO) 2022.
“The further rise in global commodity prices and supply chain disruptions because of the war in Ukraine has added to inflationary pressures that were already prevalent in the subregion,” the report said.
According to ADO, the forecast for the inflation rate for the two regions in 2023 is increased from 7.1 percent to 8.1 percent.
“Inflation forecasts are raised for Azerbaijan, Georgia, Kazakhstan, and Uzbekistan. Azerbaijan’s inflation rate rose to 12.6 percent in May due to higher food prices because of supply disruptions amid the war in Ukraine and price increases in trading partners,” the report noted.
Meanwhile, “subregional growth projections are revised up for the Caucasus and Central Asia, from 3.6 percent to 3.8 percent for 2022 and from 4 percent to 4.1 percent for 2023”.
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