ING: Average annual inflation in Azerbaijan to be 5.6% in Q125

The Netherlands' largest banking group, ING Group, projects Azerbaijan’s average annual inflation at 5.6% in Q1 2025, 6.1% in Q2, 4.6% in Q3, and 4.7% in Q4, Report informs, citing ING.

Compared to the previous forecast, expectations for Q1 decreased by 0.1 percentage points, Q2 remained unchanged, while Q3 increased by 0.1 percentage points and Q4 by 0.2 percentage points. Overall, ING predicts Azerbaijan’s average annual inflation in 2025 to be 5.2% and 4.9% in 2026.

The Ministry of Economy expects inflation to average 4.6% this year and 4% in 2026, while the Central Bank of Azerbaijan (January 2025 forecast) projects 5.5% for 2025 and 3.8% for 2026.

Other global institutions also provide varying forecasts:

• UN: 3.6% in 2025, 3.1% in 2026
• World Bank: 2.3% average in 2025-2026
• S&P Global: 4% in 2025
• Moody’s: 3% in 2026

Azerbaijan’s average annual inflation was 2.2% last year, while inflation in January-February 2025 stood at 5.4%.