Monthly inflation in Azerbaijan in March 2024 was 0.2% versus 0.6% in February, the State Statistics Committee told Interfax.
“Inflation in Azerbaijan in March totaled 0.2%. Meanwhile, prices for food products, drinks and tobacco increased 0.4% and services increased in price by 0.1%, while zero inflation was recorded for non-food products,” the agency said.
Inflation in March 2024 versus March 2023 was 0.4%. Meanwhile, food products dropped in price 1.1% YoY, while non-food prices rose 1.1%, and services jumped 2.2%.
Statistics show that prices decreased in March MoM for eggs (by 2.7%), sugar, jam, honey, chocolate and candies (by 0.1%), and bread, bakery products and cereals (by 0.2 %).
Prices for meat and meat products, milk and dairy products, mineral waters and soft drinks, juices, as well as tobacco products, have not changed.
Prices increased in March YoY for fish and fish products (0.1%), butter and vegetable oils (0.1%), fruits (2.7%), vegetables (1.6%), tea, coffee, cocoa ( 0.2%) and alcoholic beverages (0.3%).
Average annual inflation in Q1 was 1% (1.3% at the end of February 2024). At the same time, prices for food products, drinks and tobacco decreased 0.3%, while non-food products rose in price by 1.4% and services rose 2.5%.
The Ministry of Economy of Azerbaijan forecasts average annual inflation at 5.3% for 2024.
As reported, inflation (December to December) in Azerbaijan was 2.1% in 2023, while the average annual rate was 8.8%.
