Azerbaijan’s inflation is forecast at 5.7 percent in 2025 and 5.3 percent in 2026, staying within the 4±2 percent target range. In 2025, key upward drivers include agricultural prices (3.17 p.p.) and household consumption (1.26 p.p.). Downward impact is expected from the exchange rate (-0.7 p.p.) and other factors (-1.31 p.p.).