OREANDA-NEWS. February 7, 2008. In 2007, Azerbaijani Government could not aim progress in keeping inflation processes of country’s economy because of fluctuations of these processes on world economic markets.

Minister of Economic Development of Azerbaijan said that inflation forecast in 2008 totals 11-13%.

“We will be able to aim one-number inflation in 2008 only in case of price stabilization on world markets, which in 2007 did not allow Azerbaijan to do that,” H.Babayev said.

As of official data for 2007 only in December consumer inflation in the country totaled 16.7% versus 17% in January 2006 and 8.3% in December 2006.

In early 2007 the Government expected not more than 9% of inflation and then increased the forecast up to 16%. At the same time, State Statistical Committee expected not more than 16.4% of inflation for 2007. As a result, none of forecasts came true.