In the seven months of this year annual inflation was 3.7%. This is the highest increase in consumer prices over the past 30 months.
According to the SSC, since the beginning of the year, food prices in comparison with January-May 2014 increased on average by 5.8%. Non-food products rose by 2.9%, services to the population - 1.2%.
Prices for goods and services in Azerbaijan rose sharply after the devaluation of the national currency since February 21 this year. One day by the decision of the Central Bank of manat lost purchasing power of the US dollar by 34%. The government led administrative action against companies that in order to reduce their losses due to the devaluation of trying to increase the prices of products sold.
Inflation in Azerbaijan this year is officially forecast at 3.2% and announced earlier this year forecasts have not been revised.
International financial institutions estimate the situation in the market of consumer goods and services more objectively and forecast inflation of around 8%.
In 2013 and 2014 inflation in Azerbaijan made up 2.4% and 1.4%, respectively. -----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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