The paper investigates the dispersion of axisymmetric waves in a cylinder with inhomogeneous initial stresses caused by the hydrostatic pressure of the compressible inviscid fluid in which this cylinder is immersed. In the context of this study, the motion of the cylinder is described by the three-dimensional linearized equations for elastic waves in bodies with initial stresses, but the flow of the fluid is described by the linearized Navier-Stokes equations for compressible (barotropic) inviscid fluids. The initial stresses in the cylinder, due to the action of hydrostatic pressure on the outer surface of the cylinder, are determined according to the well-known Lame formulas of classical linear elasticity theory. The corresponding eigenvalue problem for the dispersion of axisymmetric waves propagating in the hydro-elastic system under consideration is solved using the discrete-analytic method. The dispersion equation is obtained and solved numerically. Concrete numerical investigations are carried out for three pairs of materials: Soft Rubber + Glycerin, Lucite + Water and Steel + Water. The dispersion curves obtained for these pairs of materials are presented and discussed for different values of the intensity of the external pressure. In particular, it is found that the inhomogeneous initial stresses in the cylinder cause zero group velocity (ZGV) points to appear on the dispersion curves of the lowest modes. However, the ZGV points (or modes) appear on the dispersion curves of the higher modes as a result of the contact of the hollow cylinder with the fluid.