BAKU, Azerbaijan, February 1. Annual inflation in Azerbaijan is expected at a level of 8 percent in 2023, Trend reports via the Central Bank of Azerbaijan (CBA).
According to the bank, 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).
"In addition, food inflation in the reporting month was 19 percent. 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," said the statement.
The CBA added that according to the results of surveys conducted in December 2022, the share of households expecting an increase in the inflation rate grew by two percentage points to 22 percent.
"In general, annual inflation tends to decrease, but its projected level continues to exceed the target. According to the updated forecasts, annual inflation is expected to be close to 8 percent in 2023, if the assumptions of the baseline scenario remain stable," the CBA said in the statement.