IMF improves forecast for inflation in Azerbaijan
Baku, Azerbaijan, Oct.8
By Maksim Tsurkov, Azad Hasanli - Trend:
The International Monetary Fund (IMF) forecasts Azerbaijan's inflation to be at the level of 2.8 percent in 2014 and 3 percent in 2015, according to a report on the prospects for development of world economy - World Economic Outlook - published on IMF's website Oct.8.
In 2014 inflation was predicted to be at 3.5 percent, in 2015 - at the level of 4 percent, according to the previous report of the fund, published in June of 2014.
In 2013, consumer prices in Azerbaijan rose by 2.4 percent, and the annual rate of inflation was 1.5 percent during the first 9 months of 2014.
Inflation in Azerbaijan is expected to reach 4 percent in 2019, whereas consumer price inflation was at 4.95 percent in the previous report, according to IMF estimates.
In 2016 inflation in Azerbaijan is expected to reach 4.25 percent, in 2017 and 2018 - 4.95 percent, as noted in the June report.
"Despite a decline in the GDP growth rate and food prices, the average inflation rate in the CIS countries increased from 6.4 percent in 2013 to 7.9 percent in 2014, which is a direct consequence of the reduced exchange rates in most countries of the Commonwealth, according to the forecasts," the report said.
The Azerbaijani government expects consumer price inflation to be 3.5 percent in 2014.
Consumer inflation in Azerbaijan will not exceed 1.6 percent till the end of 2014, according to forecasts of the EBRD.
ADB forecasts inflation in Azerbaijan for 2014 and 2015 at 4 and 3.5 percent, respectively.