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 began the new year with significant hikes in gas, electricity, water, and medication tariffs, sparking widespread concern among citizens over the financial burden on households. While officials defend the measures as necessary for economic sustainability, critics warn of challenges tied to stagnant wages and pensions.
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As of January 1, Europe has ceased contract-based transit of Russian gas through Ukraine. Kyiv announced it would not renew agreements to traffic gas from the "aggressor nation" through its territory. The decision marks a pivotal moment in Europe’s efforts to reduce reliance on Russian energy, a dependency that supplied nearly 50% of the continent’s gas imports before the war in Ukraine.
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Azerbaijan's Tariff Council has approved a decision to regulate the maximum wholesale and retail prices of registered medicines, with the new pricing caps coming into effect on January 2, 2025.
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Azerbaijan's Tariff Council has approved tariffs for connecting construction sites to water supply and wastewater systems for the first time, addressing a previously unregulated sector with inconsistent charges, the council announced on January 2.
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