In February of this year, consumer prices in Azerbaijan increased by an average of 1.6%, the State Statistics Committee (SSC) said.
Foodstuffs for the month went up by 2.5%, non-food products – by 0.9% and services to the population – by 1%.
For a month, SSC recorded a decline in the retail price of eggs. For other types of food (rice, buckwheat, pasta, lamb and beef, sausages, fish products, dairy products, oils, sugar, tea, coffee, cocoa, fruits, vegetables, spirits and tobacco), prices increased.
Prices for many non-food items also increased. These are fabrics, clothing and footwear, building materials, furniture and home implements, jewelry and glass products, carpets, household appliances, computers, office supplies, cars and their spare parts, etc.
In just two months, inflation was 12.5% year-on-year, including food - 15.6%, non-food products - 12.5% and paid services to the population - 8.4%. ---- 08D
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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