Deloitte outlook: Inflation to decrease in Azerbaijan over next three years

The consumer price index in Azerbaijan is expected to reach 7.3% by the end of this year, Report informs, citing Deloitte's "Business Outlook in Azerbaijan".

According to the document, the consumer price index in Azerbaijan is projected to reach 3.7% in 2023, 3.9% in 2024, and 4.3% in 2025.

According to the State Statistics Committee, in 2021, the consumer price index in Azerbaijan increased by 3.9 percentage points from 2.8% to 6.7% compared to 2020 due to the pandemic, problems in the global supply chain, and high raw material and logistics costs.

Chairman of the Central Bank of Azerbaijan (CBA) Elman Rustamov said at a press conference on January 28 that this year's annual inflation in Azerbaijan is expected to be above the target range (4 +/- 2%) - 6.6-7.5%:

"Next year, we forecast that annual inflation will be close to the target range."

In 2021, the average annual inflation in Azerbaijan was 6.7%, and annual inflation was 12%.