EBRD forecasts 1.6% inflation in Azerbaijan in 2014

The European Bank for Reconstruction and Development (EBRD) forecasts Azerbaijan's inflation rate at 1.6 percent in 2014.

It is one of the lowest among the CIS countries, the bank said in a report.

The Azerbaijani government forecasts consumer prices to grow 3.5 percent this year.

Inflation was 1.4 percent in the first eight months of 2014 year-on-year, according to the State Statistics Committee.

The International Monetary Fund (IMF) predicts that Azerbaijan's inflation will be 3.5 percent in 2014 and 4 percent in 2015.

EBRD also predicts 3 percent growth of the Azerbaijani economy in 2014.

"The slowdown in economic growth is due to a temporary decrease in the volume of oil production in the country, which led to a decrease in the GDP forecast to 3 percent in 2014-2015," EBRD said.

Bakudaily.Az