In the first 11 months of this year, inflation at an annual rate in Azerbaijan made up 12.1%. Food rose in price by 14.1%, non-food products – by 16.8%, and services – by 5.6%.
According to the State Statistics Committee, consumer prices rose by an average of 1.7% in the country in November, including food – by 2.6%, non-food products – by 1.9%, and services – by 0.3%.
In November, compared to October, rice, flour, buckwheat, cookies, pasta, all kinds of meat and meat products, dairy products, eggs, oil, sugar, beverages, fruits, etc. rose in price.
SSC recorded a reduction in the prices of some fruits and vegetables (bananas, apples, lemons, tangerines, persimmons, cabbages, greens, carrots and onions). ------08D
Economics
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The labor market in Azerbaijan in 2024 presents a mixed picture: a slight decrease in the unemployment rate alongside growing challenges in addressing youth employment issues. Despite significant progress in formalizing employment and creating jobs, the mismatch between labor force growth and job availability remains a pressing issue.
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SOCAR Turkey, the largest foreign investor in Turkey, held a press conference in Istanbul to review its 2024 operational results. The event, attended by Azerbaijani media representatives, featured insights from SOCAR Turkey CEO Elchin Ibadov and Refining and Petrochemical Business Unit Head Kenan Mirzayev.
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Azerbaijan’s energy sector remains the backbone of its economy, contributing nearly half of government revenues, buoyed by elevated oil prices. Despite a gradual decline in oil production, the rate of decrease has slowed, reflecting a stabilized approach to managing the country’s hydrocarbon resources.
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Azerbaijan navigated a turbulent economic period in 2024, characterized by inflationary pressures, persistent fears of devaluation, and limited structural reforms. While official data pointed to moderate inflation, deeper vulnerabilities and growing public dissatisfaction cast a shadow over the country's financial stability, economist Gubad Ibadoglu noted.
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