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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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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