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Economic Research Center: Azerbaijan sees annual deflation for the first time in a decade

14 May 2009 17:03 (UTC +04:00)

Baku. Elnur Huseynguluev - APA-Economics. Consumer Price Index dropped by 0.36 percent in Azerbaijan during April, according to the Economic Research Centerâ€™s report based on the Alternative Inflation Methodology Development Project.

According to the report, deflation was 0.08% in Baku and 0.64% in regions during April, as compared to March.

The deepest price drop was 0.76% in non-food products on month-on-month basis.

The report said Azerbaijan saw an annual deflation for the first time in a decade. Prices fell by 1.47% year-on-year, said Vusal Gasimli, Acting Chairman of Economic Research Center.

On the year-on-year basis, the price drop was 4.93% in foodstuffs, 1.69% in nonfoods and 3.88% in services.

The USAIDâ€™s Alternative Inflation Methodology Development in Azerbaijan Program was launched in 2007. The program is now supported by the Open Society Institute â€“ Budapest.