Elman Rustamov: Inflation in 2022 to be in the range of 6-7% per annum

The main goal of the monetary policy in 2022 will be to return the inflation rate to an acceptable target trajectory and effectively manage the internal factors of inflation, Chairman of the Central Bank of Azerbaijan Elman Rustamov said at today's parliamentary plenary meeting, Report informs.

In keeping with CBA’s basic inflation forecast, from the middle of next year, the annual inflation rate will begin to decline, and its level will be in the range of 6-7%.

In January-October 2021, the consumer price index in Azerbaijan compared to the same period last year amounted to 105.7%, with food products, drinks, and tobacco products accounting for 106.7%, non-food products for 104, 6%, paid services for 105%, the State Statistics Committee said.

In line with the CBA forecasts, by the end of 2021, the average annual inflation in Azerbaijan is expected at the level of 6.2-6.5% against 2.8% in 2020. The annual inflation is projected at 9.5-10.5%.

Under the government’s forecasts, inflation in Azerbaijan will be average about 3.5% in 2022 and in the next three years. According to the forecast, inflation will be average 4% in 2022, 3.3% in 2023, and 3.2% in 2024 and 2025.