Azernews.Az

Inflation is expected between 12% and 14% in Azerbaijan in 2009, Economic Development Minister Heydar Babayev has said.
He told reporters that inflationary increases in the country were mainly caused by rapid growth in imports and budgetary spending.
"Overall, one should not be afraid of inflation. It should be taken into account that, compared to other countries, Azerbaijan is a faster-growing economy. If we look at the rate of socio-economic development, this indicator should be considered normal," Babayev said.
The Economic Development Ministry predicted, early this year, that inflation will not exceed beyond 14% in 2008, but later adjusted the forecast to 18%.
But the International Monetary Fund said, previously, the figure would top 20% this year. Local experts also cite a higher projection, saying inflation will reach 25% in Azerbaijan by the year-end.