March Inflation Rates were Announced
Economic Research Center (ERC), presents the results of the statistical surveys conducted in 10 regions of Azerbaijan with the financial support of Open Society Institute Assistance Foundation during February and the first quarter of 2012. According to the results of the statistical surveys, consumer prices increased 0.54 % during the March of the current year. In the same time period, food product prices increased 1.08%, non-food product prices decreased 0.26% and prices of services appreciated 0.12%.
Consumer Prices Index rose 0.68% and 0.41% in Baku and in the regions respectively in comparison with the February. Furthermore, food product prices went up by 1.55% and 0.61% in Baku and in the regions respectively and non-food product prices decreased 0.59% in Baku and increased 0.07% in the regions. Prices of services decreased 0.04% and appreciated 0.29% in Baku and in the regions respectively. The highest price decrease due to seasonal factors observed on greens (20.16%), suites for 1-3 aged children (8.65%) and spring onion (6.73%). But price increases were recorded on chicken-meat (5.70%), pomegranate (11.60%), yogurt (1.82%) and other products.
During the first quarter of the year the recorded inflation for overall country was 1.11%, for Baku was 1.54% and for regions was 0.69%. Additionally, food prices increased 2.34% during the first three months of 2012. In the mentioned period, the increase was 0.95% and the decrease was 1.29 % for service and non-food product prices respectively.
The overall price level increment was 7.25% for the country, comparing the same period of the previous year (12 months). During the period price levels increased 10.23% and 4.33% in Baku and in regions respectively. In the stated period, the highest inflation again was observed on food products (11.43%). The price increase constituted 0.72% and 5.01% for non-food and services products respectively.
Additionally, the experts of ERC calculated the value of minimum consumption bundle according to the spotted prices in the 10 regions in conformity with the decision of Cabinet of Ministers which was dated to April of 2009. In the light of above mentioned calculations, during the month, the value of per capita minimum consumption bundle was 170.75 AZN, 154.03 AZN, 212.39 AZN for labor forces, retired people and for children aged from 0 to 14 respectively. In the previous month, labor forces, retired people and parents of children aged from 0 to 14 had to spend 107.03 AZN, 96.39 AZN and 121.55 AZN respectively for food expenses on the per capita basis. During the mentioned month, with the spotted price level, minimum non-food product expenses for economically active people, retired people and 0-14 aged children constituted 38.24 AZN, 35.03 AZN and 73.11 AZN respectively and minimum expenses for services constituted 25.48 AZN, 22.61 AZN and 17.73 AZN respectively.
It should be noted that according to the law of “About the living minimum in Azerbaijan Republic for 2012” the living minimum was determined as 108AZN, however, for labor forces, retired people and for children it was 116 AZN, 84 AZN and 87 AZN respectively.