BAKU, Azerbaijan, July 30. The head of the Cabinet of Ministers Office Rufat Mammadov chaired a working group on monitoring inflation and prices, and the group's agenda included a detailed discussion of the country's consumer market price changes this year, the government's anti-inflationary measures, and the fulfillment of directives given to pertinent structures at the previous meeting, Trend reports via the Cabinet of Ministers of Azerbaijan.
It was noted that as a result of external factors, as well as changes in price indices for imported products in the food market and anti-inflationary measures carried out in the country, along with achieving a single-digit target for inflation in 2023, inflation for the past period of the current year remained at a minimum level. According to the State Statistics Committee, 12-month inflation was 1.1 percent in June 2024. The average annual inflation rate was 0.7 percent from January through June 2024.
The surplus balance of payments maintained the stability of the exchange rate, which is the main anchor of price stability. Maintaining equilibrium in the foreign exchange market under the conditions of a surplus balance of payments played a special role in limiting imported inflation. The nominal effective exchange rate of the manat appreciated by three percent during the first six months of 2024, which is a factor reducing imported inflation.
The Center for Analysis of Economic Reforms and Communications presented information on the measures taken in the direction of creation and improvement of the “Price Tracking Application," as well as in the field of integration of data from relevant structures on the formation of prices for food and non-food products included in the consumer price index and paid services provided to the population in the country.
Furthermore, the meeting presented information on the work carried out by the State Service for Antimonopoly Control and Consumer Market Supervision under the Ministry of Economy, the Ministry of Agriculture, the Ministry of Health, the State Customs Committee, and the Central Bank.
In conclusion of the meeting, it was noted that the necessary work will be continued to ensure a healthy competitive environment in the domestic market, monitoring of prices, and maintenance of inflation at a level acceptable for economic growth. It was emphasized that the issues of competition, the pharmaceutical market, and other improvements implemented in this direction reflected in the legislation over the past period will give a positive impetus to these processes.
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