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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BP, the operator of the Shah Deniz gas condensate field, announced on Sunday that production from the Shah Deniz Alpha platform resumed on the evening of January 18. This followed the complete resolution of a technical issue with the subsea condensate export pipeline between the Shah Deniz Alpha platform and the Sangachal terminal.
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SOCAR President Rovshan Najaf met with the Minister of State for Petroleum of Pakistan, Musadik Malik, on January 18. According to SOCAR, the discussions covered joint energy projects, achieved outcomes, and cooperation opportunities in various areas, including the trade of petroleum products.
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The State Statistics Committee of Azerbaijan reported that in 2024 investments in fixed assets reached 21,435.1 million manats, which is 0.7% less than in 2023. While overall figures edged lower, the sectoral breakdown reveals notable disparities between the oil and gas sphere and non-oil industries.
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Azerbaijan’s industrial enterprises and individual entrepreneurs reported a modest 1.1% year-on-year increase in industrial production during 2024, reaching an output valued at 64.1 billion manat. The State Statistics Committee attributed the overall growth to a 0.5% expansion in the oil and gas sector, while non-oil and gas industries surged by 7.3%.
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