Government of Azerbaijan increases its inflation forecast

This year, the average annual inflation in Azerbaijan is forecasted to be at the level of 10.4%, Report informs, citing the Ministry of Finance in a report on the half-year implementation of the state and summary budgets of 2023 and the document of forecasts for the end of the year.

“Although the initial forecasts assumed average annual inflation at 6.9%, the actual indicators at the time of revision are predicted to be at 10.4%, taking into account the expected trends,” the ministry said.

According to the forecasts, this is 3.5 percentage points higher than the initial forecast.