The Ministry of Economic Development projected a single-digit inflation in 2007 macro-economic indices. Heydar Babayev, the Azerbaijani Minister for Economic Development, said that this year special measures are taken to maintain growth pace of inflation in a level not exceeding 10%.
It is necessary for the maintenance of economic stability and for the absence of a cut in community money income amid the rise in inflation, the Minister stated.
Babayev voiced his concerns on the increase of prices, as it directly strengthens the inflation. If you observe the structure of goods, the rise of prices, in particular of import goods, it is linked with the increase of world prices, adding the conduct of analysis and monitoring within the framework of anti-inflation measures, the Minister stated.
Growth pace of prices of consumer goods and service tariffs was 0.3% in August 2006 as compared to July 2006. Growth pace was 5.2% as compared to the beginning of 2006, while it was 10.2% compared to 2005.
In august foodstuff prices rose 16.2% as compared to 2005, non-food products 5.1% and tariffs and services 1.6%.