The Central Bank of Azerbaijan (CBA) expects to keep inflation rate at 4% (+/-2%) in 2019, according to a CBA statement on monetary policy for 2019 and medium term.
Inflation rate was falling rapidly in 2018 than expected and stabilized at a single digit. Inflation rate was 2.3% in January-November. The average annual inflation rate in the second half of the year fell below 3%.
About 23% of the goods in the consumer basket decreased in price, 7% of goods prices remained unchanged. Although there was an increase in price for 62% of goods, it did not exceed 5%.
As in previous years, the biggest change in prices was observed for agricultural products, which is connected with seasonal factors and is natural.
If not taking into account the change in prices for state-regulated goods, as well as agricultural products, the average annual core inflation in the country was 1.8% in January-November.
The stability of the manat rate was one of the factors that have played the main role in reducing inflation rate.
According to the recent CBA forecasts, inflation rate will reach 2.3% in Azerbaijan in 2018. (Trend/Business World Magazine)
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