In January compared to December, consumer prices rose by 5.8%, according to the State Statistics Committee. According to the SSC, food prices in the past month increased by 8.7%, non-food products - 5.6%, and paid services - 2.1%.On December 21, Central Bank of Azerbaijan for the second time devalued the manat, this time by 47.6%. In the following days, the rate of manat in relevant to the USD dropped even lower - from 1.55 to 1,62 AZN / USD. Many companies (Azersun Holding, Veyseloglu et al.) said that increased prices for manufactured and imported products is 20-30%. Non-food products of imported origin increased by 30-40%.
Experts emphasize that the official statistics in Azerbaijan is too politicized. Regulation of such information, as inflation level, unemployment, new jobs, etc. dependis on the mood and desire of the authorities. 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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