BAKU, Azerbaijan, November 7. Analysts at the Dutch ING company forecast the average annual rate of inflation in Azerbaijan at 9.1 percent in 2023 (against 10 percent in the previous forecast), Trend reports.
ING forecast the average annual inflation in the country to be 5.5 percent in 2024 (against six percent in the previous forecast).
The company's forecast on average annual inflation remained unchanged (5.6 percent).
The data from the State Statistics Committee of Azerbaijan showed that the country'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.
ING Group is a Dutch multinational corporation providing banking and financial services, headquartered in Amsterdam.
Its main activities are retail, direct, commercial, investment, wholesale, and private banking services, asset management, and insurance services.