ADB raises inflation forecasts for Azerbaijan

12:51 - 21.07.2022


July 21, Fineko/abc.az. The ADB raised the inflation forecasts for the Caucasus and Central Asia from 8.8% to 11.3% for 2022 and from 7.1% to 8.1% for 2023, ABC.AZ reports with reference to the Asian Development Outlook 2022 Supplement.

According to the Outlook, the further rise in global commodity prices and supply chain disruptions because of the war in Ukraine has added to inflationary pressures that were already prevalent in the subregion.

Azerbaijan’s inflation rate rose to 12.6% in May due to higher food prices because of supply disruptions amid the war in Ukraine and price increases in trading partners, the report says.

“Inflation forecasts are raised for Azerbaijan, Georgia, Kazakhstan, and Uzbekistan,” the document says.

Average annual inflation in Georgia rose to 12.7% in May, driven by higher food, transport, and utility prices.

In Kazakhstan, average annual inflation accelerated to 11.3% in the same month, with food prices rising by 14.5%, non-food by 10.2%, and services by 8.1%. The Russian Federation’s ban on wheat and sugar exports caused shortages and price increases of these commodities in Kazakhstan. Inflation in Uzbekistan rose to 10.2% in the first 5 months of 2022.

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