For the first seven months of this year, inflation reached 2%. Inflation slowed in April, when prices began to decline gradually.
The State Statistics Committee told Turan the annualized prices of food products rose by 2.3%. Non-food products in January-July went up by 1.3%, and services were 1.6% higher.
In July compared with June, consumer prices reduced 0.7%. Food prices in July fell by 1.4%. Prices of non-food goods and services remained stable.
In April of this year, consumer prices fell by 0.4% in May - 0.9% in June – by 1.3%.
The Center for Economic Research (NGO) has not published inflation data for July yet. However, official data on inflation are much lower than the alternative counts. Depending on the level of inflation, the government once a year indexes the basic part of labor pensions. - 08B-
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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