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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Azerbaijan has introduced new rules to simplify the leasing of agricultural land on liberated territories, aiming to attract investments and enhance agricultural productivity, according to a presidential decree issued on November 27, 2024.
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The Asian Development Bank (ADB) allocated $10.5 million to support the retail sector in Azerbaijan, marking another step in its ongoing support for the country’s economic modernization. These investments align with Azerbaijan's broader ambitions to diversify its economy and strengthen small and medium-sized enterprises (SMEs), which are key pillars of sustainable growth.
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At today’s session of the Milli Majlis, Azerbaijan’s parliamentarians discussed and approved in the first reading a draft law increasing the minimum subsistence level for 2025. The updated figures reflect a modest rise of 10 manats, setting the nationwide living wage at 285 manats. For specific demographics, the levels are 305 manats for the working population, 232 manats for pensioners, and 246 manats for children. The same session also approved the criterion of need at 285 manats for the coming year, aligning it with the national living wage.
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This year, the plans of the Australian holding Fortescue Future Industries (FFI) for developing "green" projects in Azerbaijan have been adjusted, though negotiations initiated two years ago are ongoing, an informed source told Turan.
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