For seven months of this year in Azerbaijan, consumer prices rose at an annual rate of 1.6%. In general, the pace of official inflation is reduced since January this year.
According to the State Statistics Committee, the food prices grew on average by 0.9%, services - 0.4%. Jump in inflation was mainly due to the rise in price of 3.65% solution of non-food goods.
Compared with last year, fish products in January-July rose by an average of 16%, cigarettes - 14% liquid fuel -11.7%, real estate - 8.1%, passenger rail services - 5.9%, air passenger transport - 12.1%, laboratory tests in clinics - 4.9%, higher education - 5.8%, pay-secondary education - 8.3%.
In Baku, the annual inflation rate was 1.6%. In the capital, the prices of food and non-food products increased on average by 1.5% and 4.2%, respectively. Services have provided a 0.1% cheaper. In regions of high inflation observed in Masalli (7.7%) and Khachmas (7.5%) regions. In Nakhchivan Autonomous Republic in January-July compared with the same period in 2013, consumer prices fell by 0.5%. --08D--
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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