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 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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