January Inflation Exceeds 2.6% in Azerbaijan – expert

Business Materials 14 February 2008 19:15 (UTC +04:00)

Azerbaijan, Baku, 14 February / Trend corr U. Ismayilova / The inflation in Azerbaijan totalled 2.64% in January, which is almost 20% less then that of January 2007, the head of the NGO Economic Research Centre Gubad Ibadoglu said on 14 February.

"Judging from these indices, I, as well as the Government, do not believe that in 2008 it will be possible to keep inflation at one-digit level," Ibadoglu said.

According to the Azerbaijani State Statistical Committee, in January 2008, the inflation rate comprised 2.5%, whereas the inflation of January 2007 totalled 6.4%. The increase in consumer prices, in January 2007, was caused due to the decision of Tariff Council to raise prices for energy and public utilities.

According to Ibadoglu, in January, the prices mostly rose for foodstuffs - 3.9% (3.99% in Baku and 3.79% in the regions). Prices for non-foods averagely increased by 1.33% (1.92% in Baku and 0.57% in the regions). The prices for services increased by some 0.94% (1% in Baku and 0.87% in the regions).

According to the Economic Research Centre, in 2007 inflation rate achieved 28.96%, but according to the State Statistical Committee it was only 16.7%.

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