Macroeconomic Forecast Azerbaijan

Azerbaijan's consumer price index rose 9.1% y-o-y in March, up from 8.9% in February and 8.3% in January, as higher global commodity prices increasingly left their mark on consumer prices. Headline inflation jumped 1.1% in the month to March alone, following a 2.2% monthly spike in February. We continue to expect global commodity prices to come off the boil towards the latter stages of the year, as supply constraints ease and demand-side pressures moderate, and therefore expect Azeri inflation to moderate towards 7.9% by year-end.

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