ING revises inflation forecasts for Azerbaijan for 2024-2026

The Dutch ING Group has updated its inflation projections for Azerbaijan for the years 2024-2026.

The new forecast predicts that Azerbaijan's average annual inflation will be 2.1 per cent in 2024, 4.1 per cent in 2025, and 4.5 per cent in 2026, Caliber.Az reports via local media.

This revision marks a decrease of 0.1 percentage points for the current year and a 0.6 percentage points reduction for 2025 compared to previous estimates. The projection for 2026 remains unchanged.

In terms of quarterly inflation projections, ING anticipates a 4.8 per cent inflation rate in the fourth quarter of 2024. For 2025, the expected inflation rates are 4.6 per cent in the first quarter, 5 per cent in the second quarter, 3.2 per cent in the third quarter, and 3.6 per cent in the fourth quarter.

According to the State Statistics Committee, consumer prices in Azerbaijan have increased by 2 per cent from January to November 2023, compared to the same period last year. The Ministry of Economy has forecast annual inflation to reach 2.7 per cent in 2024 and 4.6 per cent in 2025.

By Vafa Guliyeva