Inflation in Azerbaijan will average 12% in 2023 compared to almost 14% in 2022.
SİA informs, citing the international rating agency S&P Global Ratings, that after that it should gradually decrease to 5% until 2025.
The agency notes that in response, the Central Bank of Azerbaijan is consistently tightening its monetary policy.
S&P analysts believe that, as in most other emerging and advanced economies, inflation in Azerbaijan continues to exceed the agency's forecasts, exceeding 2016-2017 levels, when prices rose significantly after the manat devaluation in 2015.
The current upward price pressure is driven by the effects of the post-pandemic reopening of the economy, food price inflation and global trends as Azerbaijan imports a wide range of goods and is significantly affected by inflation dynamics abroad, the report said.
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