Prices drop in January
Consumer prices in Azerbaijan dropped 0.6% in
January. According to the State Statistics Committee (SSC), prices
of food fell 1%, non-food products 0.3%, while service fees have
remained unchanged.
This is the first evidence of deflation in 10 years. The SSC report also says that none of the staple consumer products have become more expensive, while the largest depreciation has affected meat, fruit and bread, dropping 1.5%.
Arif Valiyev, chairman of the State Statistics Committee, said if this trend continues, inflation will not create any problems for the government in 2009. He also noted that single-digit inflation is predicted this year. "If price decreases in the world continue, we might witness not hikes, but a reduction in prices for the whole year."
This is the first evidence of deflation in 10 years. The SSC report also says that none of the staple consumer products have become more expensive, while the largest depreciation has affected meat, fruit and bread, dropping 1.5%.
Arif Valiyev, chairman of the State Statistics Committee, said if this trend continues, inflation will not create any problems for the government in 2009. He also noted that single-digit inflation is predicted this year. "If price decreases in the world continue, we might witness not hikes, but a reduction in prices for the whole year."
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