In the first half of the year for the purchase of food products, beverages and tobacco products the population spent 49.5% of total expenditures. In general, according to a review of monetary policy, drawn up by the Central Bank of Republic of Azerbaijan (CBA), the retail trade turnover amounted to 12 billion manats.
"Other non-food products" were 18.7% and clothing and footwear were 17.8% of consumer spending. Motor fuel was 6.5%, furniture and appliances - 5.5%, drugs - 1.2%, and computers and other electronics - 0.8%.
Every month an average consumer had 104 manats spent in retail outlets for food, drinks and cigarettes and 105.9 manats was spent on non-food products.
According to the CBA, in January-June, food prices grew by 5.5%, non-food products - by 2.8% while the average annual inflation rate was 3.5%. --17D-
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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