Azerbaijan gets low CIA rating on inflation

Azerbaijan was rated 215th among 225 countries on the level of inflation in 2007 by the Central Intelligence Agency (CIA), despite official figures citing a low consumer price index.

The South Caucasus republic ranks beside Central Asian state Uzbekistan and Ethiopia in Africa, according to the Economic Research Center (ERC) that is engaged in studying inflation trends in the country.

CIA cited high inflation rate in Iran, Afghanistan, Tajikistan and Venezuela as well. The highest inflation was documented in Zimbabwe last year.

The figures are in contrast to the 2.3% average around the world.

The CIS Statistics Committee estimates that Tajikistan is at the top of the ranking with 21.5%, followed by Azerbaijan, with 16.7%, Ukraine with 12.8%, Moldova with 12.3%, Russia with 11.9%, Kazakhstan with 10.8% and Kyrgyzstan with 10.2%.

The average inflation in the former Soviet bloc was indicated at 10%.

According to the estimates drawn up by the ERC in 22 Azerbaijani districts using alternative methods, inflation in the country made up 28.96% in 2007.*