Azerbaijan's Q1 inflation rate reaches 17%, says Economic Research Center

The ERC Chairman Gubad Ibadoghlu said the results are based on the USAID's Alternative Inflation Methodology Development in Azerbaijan Program aimed at assessing the current inflation calculation methodology, determining the most appropriate methods of core inflation calculation for Azerbaijan and developing alternative inflation calculation methods.

The research manager Laman Azizova said the current inflation rate was estimated for 585 types of goods and services by surveys in 22 regions.

The group also used the calculation methodology employed by the State Statistical Committee but focused on the proportion in the goods not for the number of population.

USAID's Alternative Inflation Methodology Development project includes four main components: 1) 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. APA-Economics