Price increase causes - Accounts Chamber presents a conclusion

16:04 - 23.05.2024

May 23, Fineko/ Products and services, whose prices are regulated by the state, as well as seasonal agricultural products, did not play a role in the price increase.

ABC.AZ reports that this is stated in Accounts Chamber’s conclusion on the Bill on Execution of State Budget 2023 and the annual report on execution of State Budget 2023.

It was noted that replacing double-digit inflation with single-digit inflation on a global scale, including among major foreign trade partners, contributed to weakening price growth within the country, and the nominal effective exchange rate of the manat was one of the main factors in reducing price growth. The consumer price index in 2023 increased by 8.8% compared with the previous year, which is 1.6 p.p. less than the projected figure at the time of revision and 0.7 p.p. less than the updated figure for 2023.

There was weakening of the average annual inflation compared with the previous year, which was due both to weakening in the growth of prices for imported goods and to elimination of impact of high price increases recorded in previous years.

Deflation was recorded for 5 months of the period under review, with maximum monthly growth of 1.5%. Prices for goods and services grew monthly by an average of 0.2% during the year (the same indicator of the previous year was 1.1%). Single-digit growth was observed in all groups of the consumer basket.