Iinflation in Azerbaijan's trading partners has had an increasing effect of 6.1 percentage points on the country's price growth for the first 10 months of 2024, Taleh Kazimov, the Chairman of the Central Bank of Azerbaijan (CBA), said at today's plenary session of Azerbaijan’s Milli Majlis (Parliament), Report informs.
Despite this, Kazimov noted that the annual inflation has remained within the expected range during the past period of 2024.
"In October of this year, the consumer price index stood at 103.4% compared to the same month last year. Our analyses show that this indicator has been influenced by both external factors and the anti-inflation measures implemented in the country," he stated.
In particular, the increase in the nominal effective exchange rate of the manat has had a deflationary effect of 3.1 percentage points. The direct net impact of external factors, on the other hand, has been 3 percentage points inflationary, the chairman noted.
"We expect the annual inflation to be 5.1% by the end of this year. Our July forecast was 5.4%. The change in the inflation forecast is due to the expectation of lower inflation in our trading partners," the chairman added.