Deflation hits 1.47 percent in Azerbaijan in April: economic research center
Azerbaijan, Baku, May 14 / Trend N. Ismayilova /
According to the economic research center, first for the last ten years deflation hit 1.47 percent in Azerbaijan in April, the economic research center deputy chairman Vusal Gasimli said on May 14. Inflation hit 5.34 percent in the country in April 2008.
Research is being conducted upon the program "Calculations of alternative inflation" within the project of Hungary's institutional aid fund "Open society institute".
"According to our forecasts, deflations will last 2-3 months in the country. Prices will stabilize in August-September but inflation will increase by late 2009," Gasimli said.
Index of consumer prices reduced 0.36 percent in Azerbaijan in April compared to 0.84 percent in March. Deflation hit 0.08 percent in Baku but 0.64 percent in regions.
The highest deflation covered nonfoods in March. This index hit 0.76 percent. Prices for foods reduced 0.27 percent in April but 0.07 percent for tariffs.
According to the center, index of consumer prices reduced 3.51 percent in Azerbaijan within four months compared to 1.47 percent in April 2008. Prices for foods reduced 4.92 percent in April (per year) but increase for nonfoods and tariffs for services increased 1.69 and 3.88 percent accordingly.
As a result of statistic survey, construction materials cheapen more than other nonfoods in April. Prices for construction materials reduced 2.92 percent, clothes and shoos - 0.73 percent, household goods - 0.23 percent.
According to experts of the center, minimal consumer volume for able to work population hits 103.36 manat now, for pensioners - 81.69 manat and for children under 15 - 96.58 manat.
"Deflation reduced consumer volumes and improved purchasing power," Gasimli said.
On May 14, the official exchange rate is 0.8036 manat to $1.
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