In the ten months of this year the growth rate of consumer prices in Azerbaijan in comparison with the same period in 2014 was 3.7%, the State Statistics Committee.
According to official figures, food prices in the mentioned period increased by 5.9%, non-food prices - 3.1% and prices for services - 1.1%.
The government, citing its own statistical analysis states that the inflation rate lags behind the pace of income growth by approximately 2%.
Growth in consumer prices stimulated the low level of economic activity in the country, the depreciation of the national currency in relation to the freely convertible currency, the reduction of foreign exchange reserves, and so on economic factors. ----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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