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ING: Inflation in Azerbaijan will be at 5.3-5.5% in 2025-2026

12 September 2025 10:28 (UTC +04:00)

The largest financial group in the Netherlands, ING Group, has revised its inflation forecast for Azerbaijan, APA-Economics reports.

It has increased its inflation forecast for 2025 from 5.4% to 5.5%.

The forecast for 2026 was kept unchanged at 5.3% and 8.9% for 2027.

Bank analysts have increased their forecasts for the fourth quarter of this year from 5.1% to 5.2%. The forecast for the first quarter of 2026 was set at 5% (+0.1%), for the second quarter at 5.3% (0.2%), for the third quarter at 5.3% and for the fourth quarter at 5.7%.

According to the forecasts of the Ministry of Economy, the average annual inflation in the country this year will be 5.1%, and next year at 4.3%. According to the Central Bank of Azerbaijan's updated forecast in January 2025, inflation will be 5.5% this year and 3.8% in 2026.

According to UN expectations, inflation will be 3.6% this year and 3.1% in 2026.

The World Bank expects average annual inflation in Azerbaijan in 2025-2026 to be 2.3%.

According to the International Monetary Fund (IMF) forecasts, average annual inflation in Azerbaijan in 2025 will be 5.7%, annual inflation will be 5.2%, average annual inflation in 2026 will be 4.5%, and in 2027-2029 - 4%.

International rating agencies S&P Global and Moody's predict average annual inflation in Azerbaijan at 4% in 2025 and 3% in 2026, while Fitch Ratings predicts 5.3% in 2025 and 4.6% in 2026.