The Central Bank of Republic of Azerbaijan (CBA) has published a report on monetary policy, which states that the prices of bread and cereals by 1 October rose by 10%. Oils and fats rose by 12.8%, vegetables - by 9.6%, coffee, tea and cocoa - by 10.4%.
These figures do not correspond to the State Statistics Committee claims, including that the consumer price inflation was, as at the end of last year, 1.4%. CBA here brought the average statistics for the first three quarters - 3.7%.
According to the CBA, the average price of 45 items of goods and services, including 3 non-food goods and 42 services, remained unchanged. --17D-
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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