In March, the food prices in Baku in general fell by 1%. It should be noted that the marked increase in February was at 4.4% and the decrease in January was at 2%.
In the basket of food commodities of 30 items registered by Turan IA, eggs got much cheaper (-28%). Also cheaper became chicken (-3.8%), corn oil (-4.6%), sugar (-6.2%), rice (-4.7%), and milk (-9%).
The prices rose for cucumbers (+ 25%), beef (+ 15.4%), lamb (+ 5.2%), and buckwheat (+ 12%).
Other prices did not change. In general, decline in prices for such everyday foodstuffs as meat and poultry in the winter, i.e. in the off-season for fruits and vegetables, means a decline in demand due to the low purchasing power of the population caused by the crisis in the economy.
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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