ING Group, the Netherlands' largest banking group, forecasts average annual inflation in Azerbaijan at 5.4% in 2026 and 4.6% in 2027, Report informs referring to ING data.
Expectations for the current year have increased by 0.1 percentage points (pp) compared to the previous forecast, while the forecast for 2027 has decreased by 4.3 pp.
According to ING, inflation in Azerbaijan in 2025 will be 5.6%.
The bank's analysts expect average annual inflation to be 6% in the first quarter of 2026 (previously 5.2%), 5.7% in the second quarter (previously 5.4%), 5.1% in the third quarter (previously 5.3%), and 4.9% in the fourth quarter (previously 5.5%).
According to forecasts from the Azerbaijani Ministry of Economy, average annual inflation in the country will be 4.8% in 2026 and 4.5% in 2027. According to the latest forecasts from the Central Bank of Azerbaijan (October 2025), annual inflation this year will be approximately 5.7%.
The UN, meanwhile, forecasts inflation in Azerbaijan at 3.1% this year. The World Bank expects average annual inflation in Azerbaijan to be 2.3% in 2026, and the Asian Development Bank, 3.5%.
The international rating agency Moody's forecasts average annual inflation in Azerbaijan at 3% this year, Fitch Ratings forecasts 4.6%, and Fitch Solutions forecasts 5.5% in 2026 and 4.8% in 2027.
According to the State Statistics Committee, average annual inflation in Azerbaijan in 2025 was 5.6% compared to 2.2% in 2024.