ING lowers inflation forecast for Azerbaijan for 2027

The Netherlands' largest banking group, ING Group, forecasts average annual inflation in Azerbaijan at 5.7% in 2026, 5.4% in 2027, and 5.3% in 2028, Report informs referring to ING Group.

The inflation forecast for 2027 has been revised downward by 0.2 percentage points (p.p.) compared to the previously published estimate, while the figures for 2026 and 2028 remain unchanged.

According to the State Statistics Committee of Azerbaijan, average annual inflation in the country was recorded at 5.6% at the end of 2025, whereas a year earlier, in 2024, this figure stood at 2.2%. For the period of January–September 2026, average annual inflation in the country reached 5.7%.

The bank's analysts believe that in the third quarter of 2026, average annual inflation will be 5.4% (the previous estimate was 5.7%), and in the fourth quarter, 5.8% (previously forecasted at 5.4%). In addition, inflation is expected at 5.9% for the first quarter of 2027, 5.3% for the second quarter, 5.3% for the third quarter, and 5.4% for the fourth quarter.

According to estimates from the Ministry of Economy, average annual inflation in Azerbaijan is forecast at 5.7% in 2026 and 5.3% in 2027. The Central Bank of Azerbaijan (according to its July forecast) expects an inflation rate of 6.1% in 2026 and 5.8% in 2027.