ADB keeps inflation forecast for Azerbaijan unchanged

The Asian Development Bank (ADB) forecasts average annual inflation in Azerbaijan at 4.2% in 2025 and 3.5% in 2026, Report informs referring to the ADB's September update.

Expectations for the next two years have not changed compared to the April forecasts. According to the Ministry of Economy, average annual inflation in the country will be 5.4% this year and 4.3% next year.

According to the latest forecasts from the Central Bank of Azerbaijan (July 2025), inflation will reach 5.7% this year and approximately 5.3% 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 International Monetary Fund forecasts average annual inflation in Azerbaijan at 5.7% in 2025, and annual inflation at 5.2%. The Fund expects average annual inflation to reach 4.5% in 2026, and 4% in 2027-2029.

ING Group, the Netherlands' biggest banking group, forecasts average annual inflation in Azerbaijan at 5.5% in 2025, 5.3% in 2026, and 8.9% in 2027.

International rating agencies S&P Global and Moody's forecast 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.

Average annual inflation in Azerbaijan was 2.2% last year and 5.6% in January-August 2025.