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Minister: Azerbaijan will see 18-20% inflation this year

Minister: Azerbaijan will see 18-20% inflation this year

04 September 2008 13:30 (UTC +04:00)

Baku. Nijat Mustafayev â€“ APA-Economics. The Ministry of Economic Development of Azerbaijan predicts inflation rate to reach 18-20% at the year-end, said Minister of Economic Development Heydar Babayev.
"We do not have to fear inflation because it is known what causes inflation in the country. This is mainly linked to high rates of growth of imports and budget expenditures ", he added.
A few days ago, Sevinj Hasanova, the Deputy Minister of Economic Development, said annual inflation was predicted to reach 22-23% at this year-end.
Annual inflation rate was 16.3% in Azerbaijan last year.
The government raised its annual inflation outlook for 2008 to 18% from 12-13% while the IMF said inflation will not be below 20%.

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