Inflation in Azerbaijan remains within target range, says Central Bank

The Central Bank of Azerbaijan (CBA) has reported a stable external inflation background in the country. Report informs citing the CBA that the annual inflation rate for August 2024 remained within the target range of 4±2%.

Specifically, the 12-month inflation rate in August 2024 stood at 3.5%, with food prices rising by 3%, non-food prices by 1.8%, and services by 5.6%. The annual core inflation rate was recorded at 2.4%.

The CBA also noted that the appreciation of the manat's nominal effective exchange rate, which increased by 2.8% over the first 8 months of 2024, contributed to a further reduction in import inflation.