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
-
In Baku, grappling with growing environmental challenges, experts and policymakers convened on Friday for an international scientific conference titled “Sustainable Environment: Transition to Green Energy.” The event highlighted the urgent need for innovative strategies to combat pollution and advance renewable energy initiatives.
-
Kazakhstan is set to increase its oil transit through the Baku-Tbilisi-Ceyhan (BTC) pipeline by 5.1% in 2024, reflecting growing regional cooperation and diversification in energy routes. According to figures obtained by Turan News Agency, the total volume of Kazakh oil transiting through the BTC pipeline is projected to exceed 1.464 million tons, up from 1.392 million tons in 2023.
-
In a groundbreaking development for Azerbaijan’s energy sector, GL Group, a prominent Azerbaijani oil company, has announced plans to drill the country’s first horizontal well on land, reaching a depth of 4,400 meters with a lateral section of approximately 400 meters. The project, a milestone in the region’s oil exploration history, is set to take place at the Kirsangi-Garabaghly onshore fields.
-
The Central Bank of Azerbaijan (CBA) forecasts an annual inflation rate of 5.1% by the end of 2024, comfortably within the target range of 4% ± 2%. However, recent data indicate that inflationary pressure has significantly eased over the year: in October, the inflation rate stood at 3.4%, slightly down from 3.5% in September. Official data for November have not yet been released, leaving room for speculation about possible year-end adjustments.
Leave a review