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WB talks stabilization of consumer price index in Azerbaijan

Finance Materials 18 May 2021 15:10 (UTC +04:00)
WB talks stabilization of consumer price index in Azerbaijan

BAKU, Azerbaijan, May 18

By Zeyni Jafarov - Trend:

The consumer price index in Azerbaijan as of early April 2021 stabilized due to a decline in food prices, the World Bank (WB) stated in the monthly report, Trend reports.

According to the report, prices rose 0.9 percent in March, while inflation remained stable at 4.2 percent and within the target range of the Central Bank of Azerbaijan (CBA).

WB experts said that this was caused by a slowdown in food inflation, which rose by 1.8 percent in March versus 2.1 percent in February. As a result, the average annual food inflation in Azerbaijan amounted to 4.7 percent.

The inflation rate in the service sector didn't change in March, since the effect of the tariff increase in January 2021 was no longer felt, and besides, non-food inflation has leveled off, added the report.

Earlier, WB forecasted Azerbaijan's GDP growth in 2021 to 2.8 percent.

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