NGO Center for Economic Research published the results of an alternative study of the consumer market, according to which in August, despite official data (deflation of 0.5%), inflation rate was 1.06%.
Year-on-year (against January-August of 2011), consumer prices rose by 6.53%, while the State Statistics Committee reported 1.7% strength of inflation.
According to the NGO, in August compared with July, food prices rose by 1.71%, non-food products - 0.4%, services - 0.13%. In this case, the prices in Baku on average rose by 1.74% and in regions - by 0.39%.
In annual terms, food prices rose by 10.4% and services - by 5.27%. Alternative calculations showed decline in non-food items for the year to 0.13%.
Alternative calculation of prices in the consumer market is held in 10 regions of the country. - 08D -
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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