Azerbaijan's Imports of Animal and Vegetable Fats Surge by 23.9% in Volume in First Nine Months of 2024
Azerbaijan's Imports of Animal and Vegetable Fats Surge by 23.9% in Volume in First Nine Months of 2024
Azerbaijan’s imports of animal and vegetable fats and oils climbed 23.9% by weight and 16.2% by value from January to September 2024, official data revealed. Despite the uptick in volume, the import cost of these products saw a decrease compared to the same period last year, with the cost per ton of vegetable oil falling by 6.1% to $1,199.6 in 2024, down from $1,278.6 in 2023.
Price increases were recorded in September, with the costs of butter and vegetable oils rising by 0.9% compared to the previous month. This comes amid a broader trend of climbing retail prices for these essential commodities, marking the third consecutive month of price increases. Azerbaijan relies heavily on imports to meet domestic demand, with 95% of its vegetable oil being sourced from abroad.
The persistent rise in prices for imported fats and oils contrasts with the recent reductions in import costs, highlighting ongoing challenges in stabilizing prices for consumers.
Economics
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Azerbaijan and Israel have agreed to establish a working group on the development of cooperation in the field of transport, Minister of Digital Development and Transport Rashad Nabiyev said on Friday on the social network "X".
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Discussions on "green energy" were held on November 22 in Istanbul, during the energy forum, involving Turkey's Minister of Energy and Natural Resources Alparslan Bayraktar, Georgia's First Deputy Prime Minister and Minister of Economy and Sustainable Development Levan Davitashvili, Bulgaria's Minister of Energy Rumen Radev, and Azerbaijan's Minister of Energy Parviz Shahbazov.
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A meeting between Azerbaijan's Minister of Energy Parviz Shahbazov, Turkey's Minister of Energy and Natural Resources Alparslan Bayraktar, and Bulgaria's Minister of Energy Vladimir Malinov took place on November 22 in Istanbul, within the framework of the international energy forum, according to Azerbaijan's Ministry of Energy.
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Consumer prices in Azerbaijan surged significantly in October 2024, underscoring the impact of both local and global inflationary pressures. According to the State Statistics Committee, the Consumer Price Index (CPI) for October 2024 reached 103.4% compared to the same month last year. Key categories contributing to the rise include food, beverages, and tobacco, which increased by 2.6%, non-food items by 2.1%, and paid services by a substantial 5.8%.
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