Azerbaijan Sees Food Price Hikes Despite Global Declines in Key Commodities

Azerbaijan's key hydrocarbon fields, Shah Deniz and Azeri-Chirag-Guneshli (ACG), continue to operate steadily against the backdrop of changing global energy dynamics, supporting both domestic and international gas supplies, economist Gubad Ibadoglu said in an article.

Consumer spending in Azerbaijan grew significantly in the first seven months of 2024, as the total cost of goods and services sold to meet consumer needs reached 40.4 billion manats ($23.8 billion). According to the State Statistics Committee, this represents a 4.2% increase compared to the same period last year, highlighting the resilience of the domestic market despite broader economic uncertainty in the region.

Azerbaijan's wholesale trade turnover rose 7% in the first half of 2024 compared to the same period a year earlier, reaching 16.26 billion manats ($9.56 billion), the State Statistics Committee reported on Wednesday.

Azerbaijan is close to completing its mass harvest of cereals and legumes, with 98.3% of the planned area for winter and spring crops already harvested, the State Statistics Committee reported on Monday.