Prices and situation in consumer market
In January to May 2008 a rise of the retail goods turnover got restored amid continuing rise of the community services and was 17.6%. The amount of retail goods turnover comprised AZN 4078.3mln, or 14.7% up as compared to last year. The commercial services delivered to population comprised AZN 1151.1mln or 29.5% up as compared to previous year.
In January to May 2008 the growth pace of inflation was 19.2% as compared to 2007, when it was at 16.2%.
Considerable rise in the growth pace of inflation was caused by intensification of the growth pace of prices of all goods, particularly services. It is linked with the resolution by the Tariff Council, dated 8 January 2007, on increase of prices of energy resources and transport fairs. Thus, in January to May 2008 the food prices rose 26.0% as compared to 2007. The prices of non-food products increased 10.2%. The service prices rose 11.4%.
In May the prices for the consumer goods increased by 2.3%. At the same time, the prices for foodstuffs rose by 3.5%, non-food - 1.5% and services remained unchanged.
In May, the base index of the consumer prices incurring seasonal changes (fruits and vegetable) and being regulated by the Government made up 102.4% as compared to April.
As compared to April, in May 2008 the index of industrial goods price increased by 6.9%. The figure increased by 20.4% compared to the same period of 2007. Price rise in oil and gas production was 8.6% in May, while in January to May increased by 25.8%.
Wholesale prices in oil refinery decreased by 0.1%. Rise by 0.4% was observed in the chemical refining industry, in metallurgy increase was 8.4%. The prices for electricity, gas and water remained unchanged.