The State Statistics Committee published the 14th of January the inflation rate for 2015. According to official estimates, consumer prices in Azerbaijan rose by an average of 4%.
According to the SSC, in food retail in 2015 rose by 6.1%, non-food products - 1.9%, services to the population - 1.2%.
In 2015, the rate of the manat in regard to US dollar on the decisions of the Central Bank suffered devaluation 0.78 AZN / USD up to 1.55 AZN / USD or twice.
The annual inflation rate applied to the indexation of insurance part of labor pensions. According to the State Social Protection Fund, Azerbaijan has 1 million 295.9 thousand labor pensioners. Basic part of pensions is 100 manats. On 1st January 2016 pensioners received monthly average 176.03 manats, and old-age pensioners - 196.08 manats.
In 2014, inflation reached 1.4% and in 2013 - 2.4%. ---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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