50% devaluation of Manat that took place on December 21, 2015 caused widespread price increases. During the last week of December some prices were raised by 50, 100 or even 200%. But during the first 10 days of January in some of those prices was observed a decrease (e.g. flour, breadstuffs, eggs, vegetables, fruits, etc.). In order not to distort the real picture of change in Price Index and based on the international practice and research methodology on the rate of inflation, AmCham Azerbaijan adjusted its basket by excluding from calculations of overall AAIP and AAIPE products for which the price has increased by more than 50%. In general, this kind of smoothing is academically and empirically accepted and serves to eliminate effect of outliers in order to get real picture of price developments in the economy. Nevertheless, the following tables show the individual index and the price for each product of the basic basket of AmCham Azerbaijan for the purpose of studying the prices that were in place on December 31, 2015.
Over the last year (the base is 100 at 31 December 2014) the AAIP rose by 18.19 percent for Azerbaijani consumers and 20.82 for Expatriate consumers.
In the 4th quarter of 2015 the AAIP rose by 12.23 percent for Azerbaijani consumers and 14.49 for Expatriate consumers.