Baku, Azerbaijan, Sept.18

By Azad Hasanli - Trend:

The European Bank for Reconstruction and Development forecasts a 1.6 percent inflation rate in Azerbaijan which is one of the lowest in the CIS area, the bank's report 'Regional economic prospects in the countries where EBRD conducts transactions', said Sept.18. The latest report was published in May 2014.

It is the lowest index among the CIS countries. In the May report, inflation in the country was predicted to amount to 2.5 percent, as noted in the updated forecasts.

Inflation in the current year is expected to reach 3.5 percent, according to the forecasts of the Azerbaijani government.

EBRD forecasts 2.9 percent inflation in Armenia, 4 percent in Georgia, 5.1 percent in Tajikistan, 5.3 percent in Turkmenistan, 5.4 percent in Moldova, 6.5 percent in Kyrgyzstan, 7.2 percent in Russia, 7.9 percent in Kazakhstan, 11.4 percent in Uzbekistan, 11.8 percent in Ukraine and 19.1 percent in Belarus in 2014. In addition, inflation in Turkey is predicted at 9 percent.

The annual inflation rate in the country was 1.4 percent within the first eight months of 2014, according to the State Statistics Committee of Azerbaijan. As of 2013, Azerbaijan had a 2.4 percent inflation rate.