Inflation rate for January-September reaches 19.8% in Azerbaijan, says Economic Research Center

Inflation rate for January-September reaches 19.8% in Azerbaijan, says Economic Research Center
# 17 October 2007 11:11 (UTC +04:00)
The inflation rate in Azerbaijan for the nine months from January to September reached 19.8 percent, according to the Economic Research Center’s report based on the USAID’s Alternative Inflation Methodology Development in Azerbaijan Program aimed at assessing the current inflation calculation methodology, determining the most appropriate methods of core inflation calculation for Azerbaijan and developing alternative inflation calculation methods.
The country’s inflation was at 1.25 percent in September alone. The consumer price index for nine months stood at 119.8 in the country, 120.5 in Baku and 119.5 in provinces. The highest inflation was rated in service sector (35.84%). Inflation rate was 16.33 percent for foodstuffs and 14.75 percent for non-food goods.
Gubad Ibadoghlu, chair of board of the Economic Research Center, told a press conference that the prices are most inflated by the hike in the state budget, military budget and monopoly in the country.
He added that there was a rise in the prices of butter, milk and meat products in September and the prices of alcoholic drinks are expected to increase in the coming period.
Started since last November, USAID-funded Alternative Inflation Methodology Development Project includes four main components: 1) To prepare and develop an alternative method for calculating the inflation rate in Azerbaijan; 2) To estimate the current inflation rate based surveys throughout the country; 3) To support the government’s current anti-inflation policy; and 4) To assess the affects of oil revenues on the real inflation rate. The project has surveys on 585 products and services. /APA-Economics/

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THE OPERATION IS BEING PERFORMED