BAKU: The inflation forecast for 2024 remains unchanged (the forecast for January of the current year was 5.3 percent), Trend reports.

According to the Central Bank of Azerbaijan (CBA), overall upward and downward risks to inflation offset each other.

“The annual inflation is expected to remain within the target range (4±2 percent) in 2024 if current conditions remain unchanged. Analysis shows that there is a possibility of changing the annual inflation forecast downwards for the rest of the year,” the CBA said.

The CBA mentioned that annual inflation rates have continued to decline since the last session.

“In February 2024, the 12-month inflation rate was 0.8 percent, and the 12-month core inflation was 1.4 percent. Annual food deflation stood at 0.3 percent, non-food inflation at 1.4 percent, and service inflation at 2.3 percent. The decrease in annual inflation is influenced by both external and internal factors,” the CBA emphasized.

Previously, analysts from the Dutch ING predicted average annual inf
lation in Azerbaijan in 2024 at 4.4 percent, the UN – 5.9 percent, and the International Monetary Fund – 4.7 percent.

Source: Trend News Agency