Pace of Price Growth in Azerbaijan Exceeds European One 10.8 Times

The average annual inflation in Azerbaijan in 2016 exceeded 10.8 times the European one. In Azerbaijan, according to the State Statistics Committee, inflation was 12.4%, and in the Euro area it was just 1.14%.

Food inflation was 13.3 times the European one. According to the SSC, foodstuffs in Azerbaijan rose by 14.7%, and the European Statistics says about one percent of inflation in Europe.

According to estimates of Turan IA, in 2016 the overall rise in prices of the consumer basket on 30 types of basic foodstuffs was 18%, and for the most important products the prices rose by 22% to 100%.

Beef rose by 42.8%, mutton - 22.2%, chicken - 25.9%, butter - 42.1%, corn oil - 44%, margarine - 33,3%, eggs - 30.7%, granulated sugar - 66.6%, sugar cubes -33.3%, salt - 28.5%, rice - 38%, sour cream - 22.2%, potatoes - 33,3%, onions - 30%, cucumbers - 100 %, and tomatoes – 94.4%.

Such inflation in the modern history of Europe has not been fixed since the Soviet collapse.

The rate of inflation in the EU over the last 20 years ranged up to 2% a year. The highest jump was recorded in 2007 - 3.2%.

In 2016 the Euro zone ranked 4^th in the level of inflation in the world after Greece, Japan and France.

These statistics demonstrate the discord between the actual situation in Europe and Azerbaijan, as well as with comparative statements of the Azerbaijani President Ilham Aliyev of the prosperity of Azerbaijani authoritarianism and the decay of European democracy. -0-