A 10% increase in global food prices could raise inflation in Azerbaijan by approximately 1.5 percentage points, APA-Economics reports, citing ING Group, the largest financial group in the Netherlands.
It was noted that about 46% of the country’s imports come from developed markets and regions affected by tensions in the Middle East, making the economy vulnerable to imported inflation.
ING analysts emphasized that inflation risks remain high, with both external and domestic factors contributing to price increases. In particular, rising global food prices and increases in domestic utility tariffs are considered key drivers of inflationary pressures.
It was noted that after a period of low inflation in 2024, price growth increased to the 5–6% range from 2025 and has remained at this level. At the beginning of 2026, inflation accelerated further amid changes in domestic tariffs.
Under these conditions, ING sees no additional room for further monetary easing. According to the bank, persistent upside risks to inflation limit the possibility of interest rate cuts.
It was also noted in the report that the high share of regions affected by geopolitical tensions in the Middle East in the structure of imports remains one of the main risk factors for price stability in Azerbaijan.Hesabatda həmçinin qeyd olunub ki, idxalın strukturunda Yaxın
