Baku/05.09.12/Turan In August the prices continued to fall in the consumer market in Azerbaijan, which started in April this year.
According to the committee, compared with July prices of goods and services fell by an average of 0.5%.
Last month, food prices fell by 0.8%. Per month cheaper were buckwheat, chicken, fresh fish, eggs, butter, vegetable oil, sugar and granulated sugar, bananas, apples, pears, peaches, tomatoes, cucumbers, peppers, eggplants, onions, and potatoes. In parallel with lower prices higher prices were recorded for some products (semolina, flour, bread, beef and lamb, cabbage, greens, carrots, beans, etc.).
Prices and tariffs for services to the public in August decreased compared to July by 0.3%. Non-food prices remained stable. - 08D-
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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