Consumer Spending in Azerbaijan Rises by 4.2% in January-July Amid Economic Growth

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.

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.

In a troubling trend, food prices in Azerbaijan continued their upward trajectory in July 2024, with a 2% month-on-month increase, even as global commodity markets experienced notable declines. This discrepancy highlights the complexity of the country’s food supply chain and raises concerns about future inflationary pressures, especially for essential goods such as cereals, oils, and sugar.

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.