In the first quarter of this year, consumer prices in Azerbaijan on an annualized basis (January-March 2016 in relation to the same period of 2015) increased by 10.8%, the State Statistics Committee.
The devaluation of the manat, as well as other economic factors affected the level of inflation in Azerbaijan. After a two-time depreciation of the national currency against the US dollar prices for food products increased by 13.1%, non-food products - 15.2%, paid services - 4%., as calculated in the State Statistics Committee.
Only in March compared with February, prices rose on average by 0.4%. Food went up by 0.3%, non-food goods and services - 0.5%.
The International Monetary Fund recently announced forecasts of inflation in Azerbaijan in 2016 at the level of 12.8%.
In 2015, the official inflation rate was 4% in Azerbaijan.
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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