Ogtay Hagverdiyev: "Economic mechanism ineffective to rein economically baseless inflation"

He insisted that the price hike will bring a spate of new problems and that the percentage of electricity bill collection will fall.

"They say the cost price of electricity had increased. It seems to me the cost price couldn't have tripled, but rose by 15% to 20%. The situation is not alarming. The government has enough levers to rein the inflation. The inflation can be controlled if the presidential anti-inflation decree is implemented completely," he told APA.

However, he thinks that government should resort to administrative measures if the inflation gathers high speed.

"Ordinary economic mechanism will not work to prevent the rapid inflation because the price hike is economically baseless," he underlined.

He said that the Government has committed itself to balance the domestic prices with the world market prices.

"The increase of prices had also been required by some international organizations. The gasoline price has come up to the price in the USA now," he underscored.