The State Statistics Committee published the price growth in the consumer market, according to which, at the 47.6% devaluation of December 21, the prices of goods and services in Azerbaijan grew by only 4.4 %.
According to the SSC estimates, food prices grew by an average of 4.5%, non-food prices – by 7.1% and the prices of services to the population – by 1.9%.
There has been no alternative measuring of inflation in Azerbaijan since 2012. However, it is enough to look at the price tags to see that food prices, for example, rose by 20-40%. Bread, for example, immediately after the December devaluation, rose by 30%, and so did the prices for butter. The price increase is not hidden by local producers of food products either: Azersun Holding said that after the December devaluation it was forced to increase prices by 25%. --- 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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