Over the five months of this year annual inflation was 3.4%. The statement of the Central Bank of Azerbaijan on main directions of monetary and financial stability in 2015 reads that annual inflation was projected at the level of 2-3%. According to the SSC, since the beginning of the year, food prices in comparison with January-May 2014 increased on average by 5.2%. Non-food products rose by 2.7%, services to the population - 1.4%.
In 2013 and 2014 inflation in Azerbaijan made up 2.4% and 1.4%, respectively. The official forecast for this year does not exceed 3%, while international financial institutions expect higher inflation rates. For example, the International Monetary Fund raised its inflation forecast for this year to 8.5%. The government, as a rule, does not revise forward-looking indicators.
Inflation accelerated in Azerbaijan after the administrative devaluation since February 21 this year, when the lost purchasing power of the manat to the US dollar by about 34%. --08B—
Economics
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According to the State Customs Committee, in the first eleven months of this year, Azerbaijan transported 6.96 million tons of cargo by rail, worth $3.01 billion. This represents a 4% decrease in volume and a 10.1% decline in value compared to the same period in 2023.
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The Cabinet of Ministers of Azerbaijan has approved a set of regulations to govern the approval of agreements under the country’s competition law, aimed at fostering compliance with legal frameworks and enhancing market transparency.
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Azerbaijan's ambitious program to restore territories liberated from Armenian occupation has attracted attention due to the extensive use of single-source procurement methods, raising concerns about transparency and corruption.
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Azerbaijan recorded a 2% increase in wheat imports from January to November 2024 compared to the same period in 2023, underscoring its continued reliance on external sources to meet domestic demand. This growth comes amid a significant decline in domestic wheat production, which decreased by 148,100 tons in 2024, further intensifying the need for imported supplies.
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