Samir Sharifov: “Anti-inflation actions will reduce prices”

Inflation is a problem not only for Azerbaijan but for the whole world. Global inflationary pressures are primarily related to rising prices in energy, especially oil and gas. Gas is also a raw material for various types of fertilizers. Therefore, fertilizer prices have automatically increased. There is even a certain shortage. It has led to higher food prices. Notably, there is a rise in prices for grain, including wheat,” Samir Sharifov, Minister of Finance, said at the 24th annual meeting of the Board of Governors of the Black Sea Trade and Development Bank (BSTDB), Report informs.

“The Russian-Ukrainian war has deepened transport and logistics problems. Given that these two countries are the most important producers and suppliers of grain and vegetable oil, the war affects the price rise. Thus, the rise in prices due to external factors has also affected Azerbaijan. Because our country is an importer of several products, we are experiencing the negative effects of rising prices.”

The Minister also talked about the anti-inflation actions: “The government is developing and implementing certain anti-inflation actions on the instructions of the President. The main purpose of these actions is to eliminate customs duties and taxes on food products imported to Azerbaijan. We make necessary decisions in this regard. As a result of their implementation, prices will fall slightly.”