Despite assurances from the Executive Power of Baku, the organization of the relevant holiday fairs (where the population can buy goods at affordable prices) and the regulations of the Spiritual Administration of Muslims of the Caucasus, food prices increase.
As the head of the Free Consumers Union Eyub Huseynov told Turan, the cost of food will increase by an average of 10%. The reason is that the local economy is controlled by the government, otherwise prices would have soared.
According to independent experts, the economy is controlled not by the government, but by its high-ranking "untouchable" officials, which have a monopoly. According to the laws of Islam, during the days of sacrifice the cost of essential goods should be reduced so that all families had the opportunity to cover the festive table. In Azerbaijan, it is an excuse to raise prices. In 2014, Qurban Bayram is celebrated on October 4-5. Due to the fact that these days are on Saturday and Sunday, the Cabinet of Ministers of the Republic of Azerbaijan declared non-working days 6 and 7 October. --17D-
Economics
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Elon Musk, co-chair of the U.S. Department of Government Efficiency (DOGE), has outlined a strategy to bring inflation in the United States down to zero by 2026 through aggressive cuts in federal spending. Musk’s plan, which aims to reduce approximately $4 billion in projected daily expenditures, is designed to shrink the federal deficit to $1 trillion by 2026. While the deficit would still be substantial, Musk argues that accelerated economic growth could offset inflationary pressures, ultimately stabilizing the economy.
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The State Oil Company of Azerbaijan (SOCAR) has signed an agreement with Union Energy to acquire a 10% equity stake in the Tamar gas field, one of the largest offshore gas The State Oil Company of Azerbaijan (SOCAR) has signed an agreement with Union Energy to acquire a 10% equity stake in the Tamar gas field, one of the largest offshore gas projects in the Mediterranean, SOCAR said in a statement on Wednesday.projects in the Mediterranean, SOCAR said in a statement on Wednesday.
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On January 30, Azerbaijani President Ilham Aliyev has signed a decree approving the State Program for the Improvement of Transport Infrastructure in Baku and Surrounding Areas for 2025-2030, aiming to modernize the capital’s urban mobility and reduce congestion, the presidential press service said on Tuesday.
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Goldman Sachs has revised its oil price forecasts, raising its projections for Brent and Azeri Light crude by $2 per barrel for both 2025 and 2026, setting the estimate at $78 per barrel. The adjustment reflects expectations of tighter supply conditions driven by geopolitical risks, including U.S. sanctions affecting Russian oil production and potential future restrictions on Iranian crude exports.
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