Lowest rates of price increase in region – in Azerbaijan

The official level of consumer prices in Azerbaijan is the lowest compared to neighboring countries. At the same time, imports of goods from countries that form the first two exporters of goods to Azerbaijan during this period, it was increased, which was supposed to create additional pressure on inflation processes.

According to Turan, with reference to the State Statistics Committee, for the first nine months of this year, goods are delivered from $ 1 billion 440 million US dollars, 0.04% more than a comparable period of 2020. Imports of goods from Turkey ($ 1 billion 309.6 million) during this period increased by 15.9%.

In annual terms – that is, for the period from September 2020 to September 2021 – consumer prices in the Russian Federation increased by 7.4%. In Turkey, due to the devaluation of the national currency, etc. Negative macroeconomic processes, annual inflation in September accumulated up to 20%. Georgian statistical agency reports 12.3%, and Armenian – 8.9% inflation. Operational data for the nine-month period in Iran have not yet been made public. In June, annual inflation in this country amounted to 47.6%.

Azerbaijani Goskomstat unveiled more moderate data on consumer price growth in January-September of this year year-based estimation – 5.2%.

Recently, in a conversation with journalists, the head of the Central Bank Elman Rustamov noted that inflation is associated with imports of goods in Azerbaijan. “The restoration of the economy is a factor affecting inflation. But currently observed inflation is mainly food inflation, which is due to a pandemic, the rise in price of raw materials and logistics costs,” said the main banker. At the same time, E.Rustamov noted that the increase in tariffs for utilities to the population will also affect the annual level of inflation. Therefore, the Camba is preparing to reconsider its own inflation forecasts for 2021.