Inflation for December is published
Economic Research Center (ERC), presents the results of the statistical surveys conducted in 10 regions of Azerbaijan for December, 2012. According to the results of the statistical surveys, 1,72% inflation was recorded on December. This was due to price soaring in food products and therefore the price of food products went up to 5,87%, including non-food product prices grew 0,49 % and service tariffs appreciated 0,28 %.
Consumer Prices Index hiked by 2,24% and 1,20 % in comparison to Novemberin Baku and in the regions respectively. Furthermore, food product prices went up 3,68% in Baku and 8,03 % in the regions, non-food product prices grew by 0,75 % in Baku and 0,23 % in the regions and prices of services appreciated 0,34 % in Baku and 0,22 % in the regions. The highest price soaring observed on grapes (37,73%), omul, carp, chub (30,95 %), chestnut (27,98 %), dried apricots (19,05 %), 750 hallmark gold ring (10,54 %). However, the prices of chicken declined by 3,03%, including sugar1,05 %, % and finally timber2,50.
Moreover, as per calculations within eleven months of 2012 there was 9,92% inflation overall country, including 14,76 % inflation for Baku and 5,17 % inflation for regions. Additionally, food prices increased 18,15% during the mentioned period of 2012. Within the same period, the increase was 5,47% for service and 3,37 % for non-food product prices.
Additionally, the experts of ERC calculated the value of minimum consumption bundle for September 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 172,48 AZN, 154,64 AZN, 209,94 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 106,97AZN, 94,21 AZN and 116,15 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 39,98, 37,82 AZN and 75,68 AZN respectively and minimum expenses for services constituted 25,48 AZN, 22,61AZN and 17,73AZN 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 108 AZN, however, for labor forces, retired people and for children it was 116 AZN, 84 AZN and 87 AZN respectively.
PR Department of ERC