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In July Year-on-year Inflation Approaches 30% in Azerbaijan: Economic Research Centre

Business Materials 12 August 2008 14:46 (UTC +04:00)

Azerbaijan, Baku, 12 August / Trend corr. I.Khalilova/ According to the Economic Research Centre, July consumer price index amounted to 0.72% in Azerbaijan, 0.44% in Baku and 1.09% in regions, the centre said on 11 August. The research is being held on the Alternative Inflation Ratio Calculation program within the Hungarian institutional aid fund's Open Society Institute project.

Calculations were carried out on the basis of price monitoring in 11 regions of the country.

The highest inflation ratio was observed on food products - 0.91%. Prices for non-foods rose 0.67% and for service tariffs - 0.29% in July.

According to the centre, consumer price index in Azerbaijan made up 15.58% within seven months and annual inflation totalled 29.1% in July, as compared to July 2007. As a result of statistic observations, in July, the highest price rise was observed for food products, including greenery - 66.55%, melons - 56.07%, sugar - 21.77%, strawberries - 14.74%, local cucumbers - 14.12%. Price rise for non-foods was observed on furniture - 13.25%, refrigerators - 11.99%, bicycles - 2.53%. Price rise for services was observed on restaurant services - 14.94%, hotel services - 11.09%.

The biggest price cut on food products was observed on local tomatoes - 14.75%, lemons - 11.28%, early potatoes - 11.03%, peaches - 6.94% and flour - 4.12%.

On 11 August, the official exchange rate totalled 0.8129 AZN/USD.

The correspondent can be contacted at [email protected]

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