Economic Research Center says annual inflation was 15.4% in Azerbaijan in 2008

According to the report, the price rise was 19.05 percent in foodstuffs, 12.45 percent in nonfoods and 9.44 percent in services.

Vusal Gasimli, Deputy Director of the Economic Research Center, said deflation in November and December brought inflation in line with the forecasts of the Government.

According to him, a 1 percent rise in service prices brings about 0.2 percent inflation, a 1 percent increase in non-foods 0.25 percent inflation and a 1 percent surge in food prices causes 0.55 percent inflation.

USAID’s Alternative Inflation Methodology Development in Azerbaijan Program was launched in 2007. The program is now supported by the Open Society Institute – Budapest.

/APA/