Deputy Minister: Annual inflation rate in Azerbaijan predicted at 10.4% in 2023

Given the measures implemented by the Central Bank of Azerbaijan (CBA) and the steps taken by the government to reduce inflation, the average annual inflation is predicted to be 10.4% in 2023, Deputy Minister of Economy, Elnur Aliyev, said at the meeting of the Parliament's Committee on Economic Policy, Industries, and Enterprising, Report informs.

He said that according to the International Monetary Fund (IMF), the inflation rate is forecast at 7% around the world, and 8.6% in developing countries: “Uncertainty related to demand and supply still remains high. Yesterday, the CBA announced an inflation rate of 8.9% for this year. This is the figure for 12 consecutive months. What we say is average annual inflation. There is no contradiction between them.