ING revises inflation forecasts for Azerbaijan in 2024-2025

The Dutch financial giant, ING Group, has updated its inflation projections for Azerbaijan for the years 2024-2026.

Report informs, citing the latest data from the group, that the average annual inflation in Azerbaijan is expected to be 2.1% in 2024, 4.1% in 2025, 4.5% in 2026.

Compared to their previous estimates, ING has lowered the inflation forecast for the current year by 0.1 percentage points and for 2025 by 0.6 percentage points. The projection for 2026 remains unchanged.

Looking at quarterly projections, ING anticipates inflation in Azerbaijan to reach 4.8% in the fourth quarter of 2024. In 2025, the average annual inflation is expected to be 4.6% in the first quarter, 5% in the second quarter, 3.2% in the third quarter, and 3.6% in the fourth quarter.

According to the State Statistics Committee, consumer prices in Azerbaijan increased by 2% in January-November of this year compared to the same period in 2023. The Ministry of Economy expects the annual inflation in the country to be 2.7% in 2024 and 4.6% in 2025.