Economics
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In July 2024, Baku saw a 2% increase in the average price of a consumer basket of 30 basic food products, according to Turan agency data. This follows a decrease in June.
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According to Turan monitoring, in July, Baku experienced a 2% increase in construction material prices, driven by significant inflationary trends.
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Azerbaijan's tea industry is struggling to meet its ambitious growth targets, despite government efforts to boost production. According to the State Statistical Committee (SSC), the country harvested 495.8 tons of green tea leaves in the first half of 2024, marking a 9.2% decline compared to the same period last year.
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The World Bank (WB) has proposed increasing funding for renewable energy projects in Azerbaijan following recent consultations between the bank and the Azerbaijani government. The proposed project aims to allocate approximately $380 million to improve energy transmission and integrate large-scale renewable energy sources into the country's energy system.
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