ING forecasts lower inflation in Azerbaijan

International Banking and Financial Services Corporation of the Netherlands ING (Internationale Nederlanden Groep) has updated its forecast on inflation in Azerbaijan.

ING forecasts a decrease in the consumer price index in the fourth quarter of 2023 from 3.6 per cent to 3.3 per cent, and in 2023 from 9.2 per cent to 9.1 per cent, APA reports.

The corporation believes that inflation will continue to decline in Azerbaijan in the next two years. ING forecasts that inflation will amount to 5.0 per cent in 2024 and 5.6 per cent in 2025.

The Ministry of Economy of Azerbaijan reported that average annual inflation in 2023 will amount to 9.5 per cent, in 2024 - 5.3 per cent, in 2025 - 4.9 per cent.