ING lowers 2024 inflation outlook for Azerbaijan

ING Group of the Netherlands predicts that the average annual inflation in Azerbaijan will be 4.5% in 2024 and 5.6% in 2025, Report informs, citing the company.

The new forecast announced for this year is 0.5 percentage points less than the forecast announced on January 11, while the forecast for next year has not changed.

According to the outlook, the average annual inflation in Azerbaijan is expected to be 6% in the first quarter of 2024, 1.9% in the second quarter, and 4.3% in the third quarter.

The Ministry of Economy expects the annual inflation in the country to be 5.3% in 2024 and 4.9% in 2025.

According to United Nations (UN) forecasts, the average annual inflation in Azerbaijan will be 5.9% this year and will drop to 3.9% in 2025.

The International Monetary Fund (IMF) predicts that the average annual inflation in Azerbaijan will drop to 4.7% this year and will be 5% in 2025.

According to World Bank estimates, the average annual inflation in Azerbaijan will be 5.8% in 2024 and 5.2% in 2025.