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
-
Azerbaijan’s gross domestic product (GDP) reached 126.3 billion manats in 2024, marking an increase of 3 billion manats, or 2.4%, compared to the previous year, according to data released by the State Statistics Committee. In 2023, nominal GDP stood at 123 billion manats.
-
The latest data from the State Statistics Committee reveals that as of December 1, 2024, the total number of salaried workers in Azerbaijan stood at 1.775 million, with 884,400 employed in the public sector and 890,900 in the private sector. This figure falls significantly short of the government's ambitious targets set seven years ago, raising concerns about employment opportunities, particularly for the country's burgeoning youth population.
-
Azerbaijan's legal and physical entities engaged in trade operations with partners from 176 countries between January and November 2024, exporting goods to 120 nations and importing from 167, according to the State Customs Committee.
-
Azerbaijan's retail trade turnover climbed 3.9% in real terms in 2024 compared to the previous year, reaching a total of 62.2 billion manats, the State Statistics Committee revealed. Food, beverages, and tobacco accounted for 34.1 billion manats, while non-food products contributed 28.1 billion manats to the total.
Leave a review