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Report News Agency: "The double-digit inflation was formed mainly due to the more than 60% increase in the price of food"

Report News Agency: "The double-digit inflation was formed mainly due to the more than 60% increase in the price of food"

Report News Agency, referring to Prime Minister Ali Asadov, wrote that in the last period of the current year, the double-digit inflation in Azerbaijan was formed mainly due to the more than 60% increase in the price of food.

Fakt Yoxla examined whether this claim was true.

Although the government has forecast inflation in the range of 4±2% until 2022, the average annual inflation rate in the country in January-November of this year was 13.8%.

Compared to the same period last year, the prices increased by 15.1% but the price increase of food products in Azerbaijan was 20.2%.

In the Monetary Policy Summary of the Central Bank, it is noted that the share of food products in the formation of total annual inflation has increased compared to the corresponding period of last year. While this indicator was 53% in September 2021, it increased to 60% this year. 

It should be taken into account that when calculating the inflation index, the increase in the prices of not only food but also non-food products is taken into account. The "60 percent" announced by the Central Bank shows the influence of food products on the formation of average inflation.

In addition to the above, it should be noted that the Cabinet of Ministers released the text of Ali Asadov's speech in the parliament.

The information paraphrased by Report was, in fact, as follows: "In the last period of the current year, the annual growth rate of import prices was 22%, and the average annual inflation in our country was 13.8%, of which 60% is the share of food," Ali Asadov stressed.

"60%" voiced by Ali Asadov expresses the effect of the increase in the price of food products on the formation of the general inflation index. In January-November of this year, food products became more expensive by 20.8 percent, not 60 percent.

Fakt Yoxla concludes that the information provided by Report that the double-digit inflation was formed mainly due to the more than 60% increase in the price of food is False.

False
  • 20 December, 2022
  • 1463

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