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Dutch ING shares update on forecast for inflation rate in Azerbaijan

Economy Materials 6 March 2023 16:00 (UTC +04:00)
Dutch ING shares update on forecast for inflation rate in Azerbaijan
Kamran Gasimov
Kamran Gasimov
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BAKU, Azerbaijan, March 6. Analysts at the Dutch ING company forecast the average annual rate of inflation at 9.2 percent in Azerbaijan in 2023, Trend reports citing the company.

For 2024, the company forecasts an average annual inflation rate of 4.7 percent, and for 2025 - 4.5 percent.

Previously, the company forecasted the above indicator to make up 9.7 percent, five percent and 4.6 percent for 2023, 2024 and 2025, respectively.

According to the State Statistics Committee of Azerbaijan, the average annual inflation rate in the country totaled 13.9 percent in 2022. The prices for food, beverages, and tobacco products increased by 19.5 percent for a year. Prices for non-food products increased by 8.6 percent and paid services to the population - by 10.4 percent.

In December 2022, the consumer price index in Azerbaijan increased by one percent compared to the previous month and by 14.4 percent compared to the same month in 2021.

The Central Bank of Azerbaijan expects annual inflation in the country at eight percent in 2023.

The ING Group is a Dutch multinational banking and financial services corporation headquartered in Amsterdam. Its primary businesses are retail banking, direct banking, commercial banking, investment banking, wholesale banking, private banking, asset management, and insurance services.

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