The Asian Development Bank (ADB) expects that the average annual inflation rate in Azerbaijan will be 5.7% in 2026 and will decrease to 4.9% in 2027, according to the ADB's Asian Development Outlook for April.
Compared to September estimates, the forecast for 2026 was revised upward by 2.2 percentage points. The forecast estimate for 2027 had not been previously published.
The increase in fuel costs in January 2026, as well as the rise in transport service tariffs in October 2025, will create short-term inflationary pressure. Based on this, inflation in 2026 is expected to reach 5.7%, and starting from 2027, amid declining oil prices, it is expected to fall to 4.9%, the report notes.
According to the State Statistical Committee data, average annual inflation in Azerbaijan in 2025 was 5.6% compared to 2.2% in 2024.
According to forecasts by Azerbaijan's Ministry of Economy, the average annual inflation in the country in 2026 will be 4.8%, and in 2027, 4.5%. According to the latest forecasts of the Central Bank of Azerbaijan (February 2026), annual inflation this year will be 5.5%, and in 2027, 4%.
The UN, in turn, forecasts inflation in Azerbaijan at 3.1% this year. The World Bank expects average annual inflation in Azerbaijan in 2026 at the level of 2.3%.
The international rating agency Moody's forecasts average annual inflation in Azerbaijan this year at the level of 3%, Fitch Ratings at 4.6%, and Fitch Solutions at the level of 5.5% in 2026, and 4.8% in 2027.
The largest banking group in the Netherlands, ING Group, forecasts annual inflation in Azerbaijan at the level of 5% in 2026, and 5.5% in 2027.