Speaking at a cabinet meeting broadcast on state television channel AzTV, Aliyev said "artificial price rises” by local producers were unacceptable. He urged the Prosecutor General’s Office to initiate criminal proceedings against those raising consumer prices.

Azerbaijan’s manat lost more half of its value against the US dollar last year as crude oil prices plunged.

Aliyev said Azerbaijan’s economy continued to expand last year despite low oil prices. 

Gross domestic product rose by over 1 percent and industrial production increased by 2.4 percent, he said.

Non-oil industrial production jumped by 8.4 percent, the president said.

Last year Azerbaijan drew nearly $20 billion of investments, half of it by foreign investors, Aliyev said.