In the first eight months of 2015, annual inflation was 3.8%. This is the highest increase in consumer prices since 2011.
According to the SSC, since the beginning of the year, food prices in comparison with January-August 2014 increased by an average of 6%. Non-food prices grew by 3%, services to the population - 1.2%.
Note that spikes in prices for goods and services in Azerbaijan are connected with the devaluation of the national currency since February 21 of this year by 34%.
The government forecasted the inflation in Azerbaijan at the level of 2-3%. Officially, the country's average growth of incomes of the population is 2.6% ahead of the consumer price index.
The consumer price index in January-August compared to the same period of previous years:
Period | Consumer price index | Food | Non-food | Services |
January – August 2015 | 103.8 | 106 | 103 | 101.2 |
January – August 2014 | 101.4 | 100.8 | 103.6 | 100.4 |
January – August 2013 | 102.2 | 102.2 | 100.5 | 103.4 |
Inflation in Azerbaijan in 2006-2014:
Inflation | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 |
Total for goods and services | 108.3 | 116.7 | 120.8 | 101.5 | 105.7 | 107.9 | 101.1 | 102.4 | 101.4 |
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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