In January this year the consumer price index at an annual rate in Azerbaijan was positive 0.2%. The rise in prices was mainly due to increase in cost of services, according to the State Statistics Committee.
In January of this year compared with the same month last year, food prices in Azerbaijan fell on average by 0.4%, non-food products rose by 0.2%, and services rendered to the population – by 0.8%.
In Baku and Sumgait consumer inflation on an annualized basis was 0.9%, and in the Absheron region the Statistical Office recorded a price increase of 5.3%. The residents of the Absheron district felt the rise in food prices at 9.4%, while in Baku food products increased by 1.5%. -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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