S&P updates its inflation forecast for Azerbaijan for 2025-2026

S&P Global forecasts average annual inflation in Azerbaijan at 6% in 2025, 4.5% in 2026, and 4% in 2027, Report informs referring to the S&P.

At the beginning of the year, the agency's inflation expectations were 4% in 2025 and 3% in 2026.

According to the Ministry of Economy's forecasts, average annual inflation in the country will be 5.4% this year, 4.8% in 2026, and 4.5% in 2027. According to the latest forecasts from the Central Bank of Azerbaijan (October 2025), inflation will be around 6% this year and around 5.7% in 2026.

The UN, meanwhile, forecasts inflation in Azerbaijan at 3.6% this year and 3.1% next year. The World Bank expects average annual inflation in Azerbaijan to be 2.3% in 2025-2026.

The Asian Development Bank forecasts average annual inflation in Azerbaijan at 4.2% in 2025 and 3.5% in 2026.

The international rating agency Moody's forecasts average annual inflation in Azerbaijan at 4% and 3% this year and next, respectively, while Fitch Ratings forecasts 5.3% in 2025 and 4.6% in 2026. ING Group, the largest banking group in the Netherlands, forecasts 5.8% for 2025, 5.9% for 2026, and 8.9% for 2027.

As a reminder, average annual inflation in Azerbaijan was 2.2% last year, and 5.7% in January-September 2025.