TODAY.AZ / Business

Consumer prices show upward trend in 2019

12 November 2019 [17:22] - TODAY.AZ

By Azernews


By Ofeliya Afandiyeva

Prices of consumer goods and services in Azerbaijan increassed in January-October 2019.

The figure represents 2.6 per cent growth compared to the same period in 2018, the State Statistics Committee of Azerbaijan reports.

According to the report, prices of food, drinks and tobacco products increased by 3.7 per cent, non-food products by 1.2 per cent, paid services provided to the population increased by 2.2 per cent in the perioed between January-October 2019.

In October 2019, prices of consumer goods and services rose 0.4 per cent compared to September. This included the prices of food, drinks and tobacco products - 0.2 percent, non-food products - 0.1 percent, paid services - 0.9 percent respectively.

However, the cost of repair, cleaning and clothing rental, repair of household appliances, cars, restaurants and cafes decreased during October. Additionally, prices of apartment rent, railway and international air transportation prices dropped as well. There were no significant changes in prices for other paid services.

Meanwhile, the World Bank forecasts that the inflation rate in Azerbaijan in 2020 will be 3.2 per cent, and in 2021 - 3.3 percent.

“Thanks to the significant changes by the government, the real GDP increased by 1.4 percent and non-energy economy increased by 1.8 percent in 2018, reflecting greater dynamics in most economic sectors. Consumer price inflation decelerated sharply in 2018, falling to 1.6 percent from 7.9 percent in 2017”, World Bank’s report reads.

Based on the government's medium-term forecasts, inflation rate in the country is expected at 4.6 percent in 2020, 4.5 percent in 2021, 4.1 per cent in 2022, and 3.9 percent 2023. 

In Azerbaijan, the average annual inflation rate measures a broad rise or fall in prices that consumers pay for a standard basket of goods.

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