Inflation Azerbaijan 2023
Average inflation: 8.9%
Current Inflation
Inflation is very high at 8.9%, far above the ECB target.
Peak and Trough
The highest inflation was in February at 14.1%. The lowest inflation was in December at 2.1%.
- Highest month
- February: 14.1%
- Lowest month
- December: 2.1%
- Difference
- 12.0 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Food with an average of 10.0%. The lowest price increase was in Energy with an average of 3.7%.
- Highest increase
- Food: 10.0%
- Lowest increase
- Energy: 3.7%
Historical Context
Current inflation is 2.0% higher than the 5-year average of 6.9%.
- 5-year average
- 6.9%
- 10-year average
- 6.8%
- All-time high (2008)
- 20.9%
- All-time low (2012)
- 1.1%
Trend
Inflation shows an upward trend. Compared to 2022, inflation has risen by -4.9 percentage point.
- Change vs. previous year
- -4.9 percentage points
- Largest monthly swing
- November: -12.5 percentage points
ECB Target
Inflation is 6.9% above the ECB target of 2.0%. This means purchasing power is declining faster than intended.
Purchasing Power
At this high inflation rate, purchasing power rapidly decreases. This has a major impact on households, especially without adequate salary increases.
What you could buy for €100 this year will cost approximately €108.90 next year at this inflation rate.
Multi-year trend
Monthly figures 2023
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2022 |
|---|---|---|
| January | 13.6% | +1.1 |
| February | 14.1% | +2.2 |
| March | 13.6% | +1.5 |
| April | 12.8% | -0.2 |
| May | 11.5% | -2.2 |
| June | 10.6% | -3.6 |
| July | 9.4% | -4.3 |
| August | 8.0% | -6.2 |
| September | 5.1% | -10.5 |
| October | 3.9% | -11.7 |
| November | 2.6% | -12.5 |
| December | 2.1% | -12.3 |
| Average | 8.9% |
Data source
Data from WorldBank. Last updated: 06/01/2026.