By Azernews

By Rasana Gasimova

Azerbaijan’s consumer price index increased by 2.7 percent year-on-year in January, State Statistical Committee has told local media.

The committee informed that prices for food, beverages and tobacco products increased by 4.6 percent, while those for non-food items by 1.1 percent, for services by 1.5 percent in January 2020.

The prices increased by 0.6 percent; prices for food, beverages and tobacco products increased by 1.3 percent, for non-food items by 0.3 percent, while the prices for services decreased by 0.2 percent in January 2020, compared to December 2019.

“Prices for rice, buckwheat, pasta, beef, fresh and frozen fish, sausages, milk, cheese, yogurt, eggs, butter and vegetable oils, lemon, apples, pears, pomegranates and hazelnuts, cucumbers, tomatoes, peppers, eggplants, garlic, sugar, tea, coffee, alcoholic beverages, sour cream, tangerines, quince, persimmons, chestnuts, cabbage, pumpkins, onions and potatoes increased in January 2020, compared to those in December 2019,” the report reads.

The committee noted that there was a decrease in prices for granulated sugar, walnuts, bananas, lentils and oranges.

During the reporting period, among non-food products an increase in prices was recorded for fabrics, clothes, carpets and other floor coverings, furniture and household utensils, wallpapers, boards, paints and spare parts for cars.

The prices for refrigerators, washing machines, air conditioners, mobile phones, cameras, personal computers have decreased, the committee said.

It was also noted that prices for dry cleaning, sewing and rental of clothes, shoe repair, medical, cosmetic and hairdressing services, catering and hotel services increased in January 2020, compared to the previous month. On the contrary, the prices for passenger transportation by rail and air transportation decreased.

Note that in 2019, Azerbaijan’s inflation rate amounted to 2.6 percent while cash income of the population exceeded inflation by 2.8 times.

The value of the products sold by retail trade facilities in Azerbaijan reached 39 billion 319.7 million manats ($23.1 billion) in 2019, thus, increasing by 3.6 percent compared to 2018.

Over the year, the population’s expenditures on the purchase of food products, beverages and tobacco products amounted to 19 billion 967.4 million manats ($11.7 billion), which is a 3.2 percent increase, and to 19 billion 424.3 million manats ($11.4 billion) on the purchase of non-food products (a 4 percent increase).

Based on the government's medium-term forecasts, inflation rate in the country is expected at 4.6 percent in 2020, 4.5 percent in 2021, 4.1 per cent in 2022, and 3.9percent 2023.