Inflation trend reported in Azerbaijan
Price hikes were reported in Azerbaijan for the
first time in the last three years in July. Increased prices for
some goods in the domestic market signal emerging inflation, said
local experts, predicting further slight increases in the coming
months.
The experts link price rises with seasonal factors. According to the Economic Research Center (ERC), prices for food went down 0.16%, while those for other goods - by 0.86%, but a 4.45% increase in fees for services caused overall inflation last month.
According to the ERC, the tendency is due to the decision by the Tariff Council, the country`s senior body in charge of pricing, to double the price of gas supplied to the population from July 1.
The head of the center, Gubad Ibadoglu, predicts an acceleration of the inflation rate this fall.
``Given that this is the last stage of the [global economic] crisis, we anticipate inflation in the following stages. This will be single-digit inflation, and no considerable price increases are anticipated,`` Ibadoglu concluded.
The State Statistics Committee has confirmed that domestic prices increased in July, saying a 0.8% rise was posted compared to June. Thus, inflation has made up 3.1% in Azerbaijan in the past year.
Overall, prices have been on downward trend in the country in the past months. The government earlier predicted 13% inflation for 2009, but it later lowered the forecast to 5%.
The experts link price rises with seasonal factors. According to the Economic Research Center (ERC), prices for food went down 0.16%, while those for other goods - by 0.86%, but a 4.45% increase in fees for services caused overall inflation last month.
According to the ERC, the tendency is due to the decision by the Tariff Council, the country`s senior body in charge of pricing, to double the price of gas supplied to the population from July 1.
The head of the center, Gubad Ibadoglu, predicts an acceleration of the inflation rate this fall.
``Given that this is the last stage of the [global economic] crisis, we anticipate inflation in the following stages. This will be single-digit inflation, and no considerable price increases are anticipated,`` Ibadoglu concluded.
The State Statistics Committee has confirmed that domestic prices increased in July, saying a 0.8% rise was posted compared to June. Thus, inflation has made up 3.1% in Azerbaijan in the past year.
Overall, prices have been on downward trend in the country in the past months. The government earlier predicted 13% inflation for 2009, but it later lowered the forecast to 5%.
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