In May in Baku and in other major cities of the country, food prices increased by an average of 0.4%. The increase in prices for food products include sour cream - 20%, cheese - 5.3%, chicken meat - 3.2%, while butter has fallen in price by 1.5%, sugar - 5.3%, flour by 11.1%.
Compared to the beginning of the year, food prices have increased by 2% and in comparison with the same period last year by 2.7%. In connection with the season there was 15% decrease in prices for agricultural products.
Experts believe that the rise in prices in May was due to higher prices of paid services, and changes in prices for imported products. In the coming days, the stability of food prices will continue, but due to the season prices for agricultural products will fall.
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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