In September 2015, consumer prices in Azerbaijan increased compared to the previous month by 0.3%. At the same time food inflation reached 0.6%, the State Statistics Committee (SSC) reported.
Non-food prices increased on average by 0.1% and prices for paid services to the population remained stable.
According to the SSC, in the first nine months inflation was at an annual rate of 3.7%. Over the year, prices of food products rose by an average of 6%, including alcoholic beverages - 8.1%. Non-food products rose at an annual rate of 3%, and paid services became 1.1% more expensive. -08D-
Goods and services | September 2015 compared with August 2015
| January-September 2015 compared with January-September 2014 |
Total on goods and services | 100.3 | 103.7 |
Including: |
|
|
Foods | 100.6 | 106.0 |
Including: |
|
|
Nutrition | 100.6 | 104.7 |
Alcoholic drinks | 100.4 | 108.1 |
Non-foods | 100.1 | 103.0 |
Paid services | 100.0 | 101.1 |
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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