BAKU, Azerbaijan, August 11. Analysts at the Dutch ING company forecast the average annual rate of inflation in Azerbaijan at 10 percent in 2023 (10.2 percent in the previous forecast), Trend reports.
According to ING's forecast, the average annual inflation in Azerbaijan in 2024 will be six percent.
Moreover, for 2025, the company forecasts average annual inflation at 5.6 percent.
The State Statistics Committee of Azerbaijan reports that the nation's annual inflation rate was 13.9 percent in 2022.
Food, beverage, and tobacco prices rose by 19.5 percent over the course of the year, while prices for non-food items increased by 8.6 percent and those for paid services to the general public increased by 10.4 percent.
In addition, the consumer price index in Azerbaijan increased by one percent compared to the previous month and by 14.4 percent in December 2022 compared to the same month last year.
The Central Bank of Azerbaijan expects annual inflation in the country to reach eight percent in 2023.