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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Azerbaijan President Ilham Aliyev has signed a decree to strengthen social protection for pensioners by implementing pension indexation, effective from January 1, 2025.
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The Italian government has extended the deadline for applications in the international tender for the sale of several strategic assets until February 14, confirming that a bidder from Azerbaijan remains among the frontrunners.
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An investigation led by Ghalib Toghrul, Chairman of the Board of the Center for Economic Research, has highlighted budgetary expenditures in the Azerbaijani districts of Aghdam, Fuzuli, and Khojavend, focusing on civil service projects linked to the reconstruction of territories liberated from Armenian occupation.
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On February 4, Azerbaijani Economy Minister Mikayil Jabbarov met with a delegation of the International Monetary Fund (IMF) led by Anna Bordeaux, head of the IMF mission in Azerbaijan, to discuss economic cooperation, financial sector issues and structural reforms, the ministry said.
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