The devaluation of the manat has led to the fact that even the government has to recognize that the real incomes of the population went into decline.
According to the SSC, in the first half of this year, income of the population amounted to about 21.5 million AZN, which is 8.4% more than in the comparable period of 2015. Thus, the growth of consumer prices (inflation) in the first half (10.5%) exceeded the income of the population by 2.1%. This means that inflation has "eaten" the incomes.
For many years, the government has been proud of the active real income growth as a result of its socio-economic policy.
The reduced household income has also influenced the level of savings. If the first half of 2015 savings were directed 14% of household incomes, and this year the figure has fallen to 9.8%. The population began to spend more on consumption. ---08D
Economics
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