A meeting of the Working Group on “Inflation and Price Monitoring” was held in the Cabinet of Ministers. The meeting discussed in detail the change in prices in the consumer market in the country in the current year, anti-inflationary measures of the government, as well as the implementation of the tasks assigned to the relevant authorities at the last meeting.

At the meeting, it was noted that as a result of external factors, as well as changes in the price indices of imported products in the food market and anti-inflationary measures implemented in the country, according to the data of the State Statistics Committee, in addition to achieving the single-digit inflation target in 2023, inflation was maintained at a minimal level during the past period of the current year as well. According to the information of the State Statistics Committee, the 12-month inflation in June 2024 was 1.1 percent. Average annual inflation in January-June 2024 was 0.7 percent.

The surplus of the balance of payments supported the stability of the exchange rate, which is the main anchor of price stability. Maintaining balance in the foreign exchange market in the conditions of a surplus balance of payments played a special role in limiting inflationary imports. In 2024, in 6 months, the nominal effective rate of the manat rose by 3 percent, which is a factor that has a reducing effect on import inflation.

Presentation was made on the measures taken by the Economic Reforms Analysis and Communication Center in the direction of the creation and improvement of the "Price Tracking Application", including the integration of the information of the relevant institutions on the formation of the prices of food and non-food products included in the consumer price index in the country, as well as paid services provided to the population was done.

At the meeting, information was given on the work done by the Antimonopoly and Consumer Market Control State Service under the Ministry of Economy, The Ministry of Agriculture, the Ministry of Health, the State Customs Committee and the Central Bank.

At the end of the meeting, it was stated that the necessary work will be continued in the direction of ensuring a healthy competitive environment in the domestic market, monitoring prices, maintaining inflation at an acceptable level for economic growth. During the past period, competition issues, pharmaceutical market, etc. were discussed in the legislation. it was emphasized that the improvements implemented in this direction will give a positive impetus to these processes.