TODAY.AZ / Business

Alternative Inflation Methodology finds inflation rate at 14.3% in Azerbaijan

15 February 2007 [16:00] - TODAY.AZ
The Economic Research Center (ERC) delivered a presentation of the Alternative Inflation Methodology Development Project funded by the U.S. Agency for International Development (USAID) at the International Press Center, February 15.

ERC Chairman Gubad Ibadoghlu said that urgency of the project is related to prices increase reset by the Tariff Council, State Price Regulator.

Farid Bakhshiyev, USAID Finance and Economics Specialist, stated the project to be financed within two months will objectively assess the inflation in Azerbaijan.

Vafa Mutallimova, head of ERC Research Team, added USAID's Alternative Inflation Methodology Development in Azerbaijan program is aimed at assessing the current inflation calculation methodology, determining the most appropriate method(s) of core inflation calculation for Azerbaijan and developing alternative inflation calculation methods.

The framework of the project also focuses on statistical observation of prices in the country.

"January research concluded that the inflation rate was 14.3% in Azerbaijan while State Statistical Committee reported 8.3% for this period."

She noted that briefed the participants about four main components of the project: to prepare and develop an alternative method for calculating the inflation rate in Azerbaijan; 2) To estimate the current inflation rate based surveys throughout the country; 3) To support the government’s current anti-inflation policy; and 4) To assess the affects of oil revenues on the real inflation rate.

Within the scope of the project, meetings have been held with representatives of Cabinet of Ministers, Ministry of Economic Development, Ministry of Social and Labor Protection, Ministry of Finance, Ministry of Taxes, and State Statistics Committee. Also, members of the Milli Majlis, experts of the National Bank of Azerbaijan, World Bank and International Monetary Fund have been informed about the project and cooperation issues have been discussed, APA reports.

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