BAKU, Azerbaijan, March 18. In 2024, necessary measures will be continued to keep inflation at a level that does not harm macroeconomic and financial stability, as stated in the "Special Bulletin on Anti-Inflationary Measures and Their Economic Consequences" of the Cabinet of Ministers of Azerbaijan, Trend reports.
The bulletin highlights the government's ongoing efforts over the past year to implement anti-inflationary measures aimed at mitigating the impact of inflation on both business activity and the social welfare of the population. These measures are centered on safeguarding the formation of prices based on market principles.
Additionally, it underscores the government's commitment to fostering healthy competition in the domestic market and preventing monopolization. To this end, the State Service for Antimonopoly and Control Over Consumer Markets under the Ministry of Economy regularly conducts monitoring and oversight activities. Efforts are underway to establish an electronic monitoring system and streamline the price monitoring process. The long-term goal of electronic monitoring is to enhance the efficiency and transparency of price control, reduce reliance on paper media, and broaden the scope of data collection and analysis.
The Cabinet emphasizes the establishment of effective coordination mechanisms to continuously monitor inflation within the framework of anti-inflationary measures. Permanent mechanisms for inflation and price control are being established in line with directives from the President following a meeting on the socio-economic outcomes of the first half of 2023. Furthermore, a working group has been formed to strengthen inter-ministerial coordination.
A price tracking mechanism has also been instituted, with the adoption of a methodological framework document on the fundamental principles of the Price Tracking Annex during a working group meeting on December 14, 2023. This mechanism will monitor the dynamics of price increases across various market segments, enabling timely intervention by government agencies. It aims to enhance information sharing and coordination in price regulation.
In 2023, the consumer price index in Azerbaijan saw an 8.8 percent increase compared to the previous year. Notably, prices for food, beverages, and tobacco products rose by 9.6 percent, non-food products by 8.4 percent, and paid services to the population by 8.2 percent.
In December 2023, the consumer price index in Azerbaijan rose by 0.5 percent compared to the previous month and by 2.1 percent compared to the same month in 2022.
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