...

Inflation to decrease to single digit level by end of 2023 - prime minister

Economy Materials 25 September 2023 02:14 (UTC +04:00)
Inflation to decrease to single digit level by end of 2023 - prime minister
Elchin Mehdiyev
Elchin Mehdiyev
Read more

BAKU, Azerbaijan, September 25. Inflation is expected to decrease to a single-digit level in Azerbaijan by the end of this year, Azerbaijani Prime Minister Ali Asadov said, Trend reports.

He said this at an expanded meeting of the Cabinet of Ministers of the Republic of Azerbaijan dedicated to discussing the draft state budget and consolidated budget of the Republic of Azerbaijan for 2024, indicators of the consolidated budget for the next three years, as well as the concept of economic and social development of the country for 2024 and the next three years and forecast indicators.

Ali Asadov noted that achieving this is one of the main tasks set by the head of state to the government.

According to him, he working group established in accordance with the resolution of the Cabinet of Ministers of July 15, 2023 on monitoring inflation and prices is carrying out the necessary work on the study and analysis of inflationary processes and their causes.

"In order to maintain inflation within the limits that do not harm macroeconomic and financial stability, appropriate measures will be continued. In the medium term, one of the main challenges is to ensure macroeconomic stability and budget sustainability," the prime minister said.

The Ministry of Economy predicts a decrease in average annual inflation to 5.3 percent in 2024. The average annual inflation is projected at 4.9 percent in 2025, 4.4 percent in 2026 and 4.2 percent in 2027. Inflation in Azerbaijan was fixed at 11.7 percent from January through August of this year.

Latest

Latest