Azerbaijani Ministry of Economic Development Strengthens Anti-Inflation Measures: Deputy Minister

Azerbaijani Ministry of Economic Development Strengthens Anti-Inflation Measures: Deputy Minister

Azerbaijan, Baku / Trend corr. I.Khalilova , P.Aliyeva / Niyazi Safarov, the Deputy Minister for Economic Development of Azerbaijan, has stated during the conference on agriculture and tourism held in Lankaran on 9 August that the advice on monitoring in the south region due to the increase of consumer prices will be considered in the Ministry of Economic Development. The monitoring will be held within the framework of strengthening anti-inflation measures.

During the meeting of the government, the President, Ilham Aliyev, has expressed his anxiety regarding the rise in the level of inflation, which reached 16% in January-June.

Despite the fact that the benefits of the population increased by 37% and salaries by 26% and exceed the rate of inflation, we should take every anti inflation measure, the President said.

The increase of oil prices which has in turn resulted in an increase in prices on consumer goods due to the Azerbaijani market being dependant on imported commodities, can be considered as one of the relevant causes of inflation. The other reason is the overgrowth of the budget in the country. Within 3 or 4 years the budget of Azerbaijan increased several times. Presently, the yearly budget is $7.5bln and the consolidated budget is$9bln.

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