WB: Recovery in domestic demand and rising import prices have driven goods inflation in Azerbaijan

Inflation accelerated to 10% year on year in Azerbaijan in October, the World Bank said in its Azerbaıjan Monthly Economıc Update– November 2021 report.

CPI inflation rose by 1.6% month of month in October, largely driven by 2.8% month of month increase in food prices. Annual food prices jumped by 13% year on year in October. Non-food and services prices rose by 6.8% year on year and 8.3% year on year respectively in October. Recovery in domestic demand and rising import prices have driven goods inflation, while a rise in administrative prices contributed to services inflation.

According to the State Statistics Committee, the consumer price index in Azerbaijan in January-October this year compared to the same period last year was 105.7%, including 106.7% for food, beverages and tobacco products, 104.6% for non-food products, 105% of paid services provided to the population.