Nominal income rises, but inflation erodes gains for the population

The State Statistics Committee has revealed that the nominal income of the Azerbaijani population surged to 70,223.5 million manats during the period of January-November 2023, marking a robust 12.8% increase from the corresponding period in 2022.

The report further discloses that the nominal per capita income experienced a commendable uptick of 12.2%, reaching 6,917 manats over the course of the past year.

However, a shadow is cast over this economic growth as annual inflation in Azerbaijan for the same 11-month period stands at a notable 9.4%. This disheartening statistic implies that more than half of the hard-earned income growth for the population has been absorbed by the insidious effects of inflation.

As Azerbaijan grapples with economic dynamics, the struggle between income growth and inflation persists, leaving citizens to navigate a landscape where the purchasing power of their earnings is increasingly under threat. The delicate balance between economic expansion and the erosive impact of inflation remains a critical concern for policymakers and households alike.--0-