BAKU, Azerbaijan, Inflation in Azerbaijan as of 2022 is forecast at 11.5 percent, Trend reports with reference to the latest outlook of the Asian Development Bank (ADB).

This is while the expected inflation for the country in 2023 is 7 percent.

“Inflation during January–June 2022 accelerated to 12.9% year on year from 4.3% in the same period of 2021. Prices rose by 18.4% for food, 6.7% for other goods, and 10.3% for services. High global food price inflation triggered the spike in food prices, while increased tariffs for fuel and other utilities in 2021 boosted inflation in services. A stable exchange rate kept inflation from rising even faster,” the report reads.

The overall forecasts for Central Asian and South Caucasus inflation stand at 11.5 percent in 2022 and 8.5 percent in 2023.

Source: TREND News Agency