Annually inflation increased by 12.02% in 2011

Economic Research Center (ERC), introduces results of statistical survey conducted with the financial support of Open Society Institute Assistance Foundation in 10 regions of Azerbaijan during December of 2011 and the whole year. According to the results of statistical survey, consumer prices increased by 0.76 % during the December of 2011, as ERC’s Public Relations Department announces. In the same time period food product prices increased by 1, 05%. Non-food product prices decreased by 0,29% and prices of services appreciated by 1,30%.
Prices went up for 1.08%, 0.44 % in Baku and in the regions respectively, according to the CPI changes during December in comparison with November.  Meanwhile, food product prices increased for 1.53%, 0.59% in Baku and in the regions respectively and non-food product prices decreased by 0.73% in Baku and increased by 0.14% in the regions. Prices of services appreciated by 2.20%, 0.41% in Baku and in the regions respectively.

Price level increased by 12.02%, in comparison with the same period of the previous year. In the same time, the increase was 15.76% and 8.46 % for Baku and the regions respectively. The highest inflation was observed in food product prices during the stated period. The inflation constituted 2.64% and 5.73% in non-food product and service prices respectively.

Furthermore, 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 152.23 AZN, 23 AZN, 211.30 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 120.27 AZN, 94.60 AZN and 60 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 38.27 AZN, 35.02 AZN and 73.30 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 2011” the living minimum was determined as 95AZN, however, for labor forces, retired people and for children it was 102 AZN, 72 AZN and 76 AZN respectively. The additional calculation conducted by the expert group of ECR was about the expected inflation level in 2012. According to the results of the forecast, undertaken in the line of international methods, 12.4% inflation is expected in 2012 in Azerbaijan.