BAKU, Azerbaijan, May 13. Analysts at the Dutch ING company forecast the average annual rate of inflation in Azerbaijan at 10.2 percent in 2023 (10.3 percent in April's forecast), Trend reports citing the company.
According to ING's forecast, the average annual inflation in Azerbaijan in 2024 will be 4.9 percent (5 percent in the previous forecast).
Moreover, for 2025, the company forecasts average annual inflation at 4.5 percent.
According to the State Statistics Committee of Azerbaijan, annual inflation in the country in 2022 amounted to 13.9 percent.
Prices for food, beverages and tobacco products increased by 19.5 percent over the year, while on-food products rose in price by 8.6 percent, and paid services to the population grew by 10.4 percent.
In December 2022, the consumer price index in Azerbaijan increased by 1 percent compared to the previous month and by 14.4 percent compared to the same month last year.
The Central Bank of Azerbaijan expects annual inflation in the country at 8 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.