Central Bank of Azerbaijan to revise inflation forecast for 2018
Baku, Azerbaijan, June 14
By Anvar Mammadov - Trend:
The Central Bank of Azerbaijan (CBA) plans to revise the forecast on average annual inflation for 2018, CBA Chairman Elman Rustamov said at a press conference on June 14.
He noted that, the revision of the forecast is planned to be done at the end of nine months.
"As you know, inflation forecasts are prepared jointly with the government. Currently, we have decided not to change the forecast figures for the end of the year. Now we have entered the summer season, and it is possible that the inflation rates will decrease even more in the summer. We are waiting for these percentages, and I think that at the end of the first nine months of 2018, we will revise the forecast for average annual inflation," Rustamov said.
According to the data of the State Statistical Committee, in January-May 2018, prices for consumer goods and tariffs for services in Azerbaijan increased by 3.2 percent compared to the first five months of 2017.
Food prices increased by 3.2 percent, non-food prices - by 3.9 percent, and the cost of paid services - by 2.6 percent. The cost of food products fell by 1.3 percent, non-food prices remained unchanged, and the cost of paid services rose by 1.6 percent during May.
The inflation in Azerbaijan was 12.9 percent in 2017.
The Central Bank forecasts annual inflation for 2018 at 6-8 percent.