According to the updated forecasts of the Central Bank of Azerbaijan (CBA), annual inflation is expected to be around 8% in 2023 if the assumptions of the base scenario remain stable.

According to the information, amid the stabilization of world energy and food prices, inflation in the trading partner countries has gradually decreased starting from the 4th quarter of 2022, Report informs.

Previously, President of the Republic of Azerbaijan Ilham Aliyev said that inflation in Azerbaijan is an imported inflation.

“Inflation has become a serious problem all over the world. Even in developed Western countries, where inflation usually did not exceed one percent – one or a maximum of 1.5 percent – inflation exceeds 10 percent now,” said President Aliyev.

“Inflation in Azerbaijan is an imported inflation. Because we, of course, are a part of the world economy, we import many goods, and we work in this direction so that local production replacing imports becomes more extensive. But, of course, we are still dependent on imports. Therefore, if it is possible to say so, inflation was imported to Azerbaijan. According to the results of last year, it was 13.9 percent. In other words, our ability to fight this imported inflation is quite limited,” the head of state emphasized, AzerTag reported.