Inflation in Azerbaijan may drop to single digits

The Central Bank of Azerbaijan (CBA) believes attainment of a single-digit rate of inflation by late 2017 is feasible, CBA head Elman Rustamov said on May 30.

“The forecasts of international organizations, including the International Monetary Fund and the World Bank, for the rate of change of consumer prices in the country [Azerbaijan] are positive,” he told reporters in Baku.

“Simultaneously, we are carrying out our own calculations. Our main goal is to achieve a single-digit inflation rate by late 2017.”

Rustamov noted that inflation is affected by various factors.

“Inflation is not only of monetary nature – it is also affected by world prices and other factors. These factors must be properly managed. Overall, we believe the decrease of the inflation rate to a single-digit figure is quite realistic,” he said. (trend.az)