Inflation rate for August

Economic Research Center (ERC), presents the results of the statistical surveys conducted in 10 regions of Azerbaijan for August, 2012. According to the results of the statistical surveys, 1, 06 % inflation was recorded on August. This was due to price soaring in food products and therefore the price of food products went up to 1, 73 %, including non-food product prices grew 0.40% and service tariffs appreciated 0.13%. Consumer Prices Index hiked by 1,74% and 0.39% in comparison June in Baku and in the regions respectively. Furthermore, food product prices went up 2,89% in Baku and 0.59% in the regions, non-food product prices grew by 0.53% in Baku and 0.27% in the regions and prices of services appreciated 0.24% in Baku and 0.01% in the regions. The highest price soaring observed on green bean (44.19%), male long –sleeved shirts (13.95%), white bread ( 4,29%), mutton (4,08 %), sliced beef ( 4,17 %). However, the prices of short sleeved female shirts declined by 29,41 %, garlic 23,41 %, onions 6,25 %, pomegranate 6,24 % and finally hazel nut 1,67 %. Moreover, as per calculations within eight months of 2012 there was 2,52 % inflation overall country, including 4,62% inflation for Baku and 0,46 % inflation for regions. Additionally, food prices increased 4,03 % during the mentioned period of 2012. Within the same period, the increase was 2,86% and the decrease was 0,80 % for service and non-food product prices respectively. 

The overall price level increment was 6.53% for the country, comparing the same period of the previous year (12 months). During the period price levels increased 9.93% and 3.18% in Baku and in regions respectively. In the stated period, the highest inflation again was observed on food products (10.40%). The price decrease constituted 0.13% on non-food products and 5, 27 % growth in service products. 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 165,83 AZN, 149,79 AZN, 204,34 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 101,9 AZN, 91,82 AZN and 113,61 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 38,45, 35,36 AZN and 73,00 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 108 AZN, however, for labor forces, retired people and for children it was 116 AZN, 84 AZN and87 AZN respectively. PR Department of ERC