The Azerbaijani government is taking all necessary steps to minimize the consequences of price hikes, Azerbaijani Minister of Economy Mikayil Jabbarov said, Trend reports.

The minister stressed that food security will continue to be a global priority for the world.

“Of course, ensuring the country’s food security is the number one task,” Jabbarov said. “For this purpose, the Azerbaijani government is taking all the necessary steps to minimize the consequences of price hike.”

The minister added that as is known, the state budget for 2022 was formed taking into account an increase in income of the population.

“We think that this will be some support during price hike,” Jabbarov said.

“A positive point is that according to the forecasts of international organizations on the price index for goods and food for 2022, the consumer price index relatively decreased while it partially decreased in the countries – main trading partners of Azerbaijan compared to 2021,” Jabbarov said.

The minister stressed that the only way to minimize the impact on price hikes in the future is to create a complete value chain of food production in the country to achieve 100-percent-localization.

Source: Trend News Agency