Deputy Minister explained main causes of inflation in Azerbaijan

Elnur Aliyev, Deputy Minister of Economy of Azerbaijan

© APA | Elnur Aliyev, Deputy Minister of Economy of Azerbaijan

# 24 May 2023 13:39 (UTC +04:00)

"I accept the comments about the forecasts in a certain sense. But none of the forecasts made by the World Bank and the International Monetary Fund come true. Including by countries..." Deputy Minister of Economy of Azerbaijan Elnur Aliyev said during the discussion of the draft law "On the implementation of the 2022 state budget of the Republic of Azerbaijan" at the meeting of the Economic Policy, Industries and Enterprising Committee of the Milli Majlis, APA reports.

The Deputy Minister said that the wars that took place last year show that it is impossible to predict the reality at any level.

Deputy Minister clarified the issue of inflation: “I accept the idea of holding a hearing on inflation. The reason for inflation in food products is that main partners of Azerbaijan in this field are Russia and Kazakhstan. There are currently restrictions and prohibitions in that market. The structure of imports from Türkiye to Azerbaijan is pharmaceutical products, engineering products etc. Inflation in Türkiye previous year was more than 70%, which causes the price of products that come to the country to increase. The construction, tourism and transport sectors have seen huge increases over the past year, and tax revenues in these areas have been high".