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Central Bank of Azerbaijan announces inflation forecast for 2019

Business Materials 28 December 2018 10:09 (UTC +04:00)
The Central Bank of Azerbaijan (CBA) expects to keep inflation rate at four percent (+/- two percent) in 2019, Trend reports referring to a CBA statement on monetary policy for 2019 and medium term.
Central Bank of Azerbaijan announces inflation forecast for 2019

Baku, Azerbaijan, Dec. 28

By Azad Hasanli – Trend:

The Central Bank of Azerbaijan (CBA) expects to keep inflation rate at four percent (+/- two percent) in 2019, Trend reports referring to a CBA statement on monetary policy for 2019 and medium term.

Inflation rate was falling rapidly in 2018 than expected and stabilized at a single digit. Inflation rate was 2.3 percent in January-November 2018. The average annual inflation rate in the second half of the year fell below three percent.

About 23 percent of the goods in the consumer basket decreased in price, seven percent of goods prices remained unchanged. Although there was an increase in price for 62 percent of goods, it did not exceed five percent.

As in previous years, the biggest change in prices was observed for agricultural products, which is connected with seasonal factors and is natural.

If not taking into account the change in prices for state-regulated goods, as well as agricultural products, the average annual core inflation in the country was 1.8 percent in January-November 2018.

The stability of the manat rate was one of the factors that have played the main role in reducing inflation rate.

According to the recent CBA forecasts, inflation rate will reach 2.3 percent in Azerbaijan in 2018.

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Follow the author on Twitter: @AzadHasanli

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