Inflation Rate (CPI): Azerbaijan

Analysis# Azerbaijan Inflation Rate (CPI) Azerbaijan's inflation rate stands at 4.5% in 2026, reflecting substantial macroeconomic stabilization since the early 1990s. The country experienced hyperinflation at its peak of 1664% in 1994, following Soviet collapse, before swinging to deflation of -8.5% in 1999. Over three decades, inflation has declined 99.6% from 1993 levels, demonstrating a fundamental shift toward price stability. Recent volatility reveals two distinct inflationary episodes: a spike to 13.9% in 2022 and 8.8% in 2023, likely driven by global energy shocks and currency pressures, followed by moderation to 2.2% in 2024. The current 4.5% reading suggests authorities have regained control, with the trajectory indicating convergence toward moderate single-digit levels through 2026. Sustained price stability remains within reach if oil revenues and monetary policy remain anchored.