According to preliminary estimates by ADB, inflation in Azerbaijan in 2019 increased slightly by 2.6 percent.
The projected inflation rate for Central Asia and the South Caucasus as a whole was revised from 7.6 to 8 percent in 2020 and from 6.3 to 6.6 percent in 2021, but with a noticeable adjustment for the economies of individual countries.
“Amid the foregoing developments, we expect that the inflation in Azerbaijan will be 2.8 percent in 2020 and 3.5 percent – in 2021,” noted the report.
According to the official statistics, an annual inflation in Azerbaijan amounted to 3.3 percent in March 2020. Over the period from March 2019 through March 2020, the inflation amounted to 6 percent for food products, 1.2 percent – for non-food products and services each.
The target range of inflation set by the Central Bank of Azerbaijan is 4 ± 2 percent.
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