In a basket of food items for 30 kinds of products, 28 items got much more expensive: lamb (+ 5.2%), buckwheat (+ 42.2%), chicken giblets (+ 7.1%), chicken (+ 3.7%), sugar (7%), flour (+ 16.4%), rice (18.3), milk (16%), local cookies (+ 23.8%), cucumbers (+ 25%), butter (4.7%), margarine (+ 10%), white cheese (+ 9%), tomatoes (20%), and sunflower oil (4).
Prices fell only on eggs (-10%) and meat (-7.7%).
Against the background of a long period of price stagnation that lasted since last summer deflation, the prices surge in February is striking. There is no doubt that the outcome of February was seriously influenced by the 21 February decision of the Central Bank on the devaluation of the manat by 33%.
The first days of March show the continuing rise in prices, which will affect all types of food. Azerbaijan is 60% dependent on imports of food or raw materials for food production.
The dynamics of price changes in percentage terms was as follows: (in AZN per 1 kg):
Name of the product | 29.08.2014 | 29.09.2014 | 29.10.2014 | 28.11.2014. | 30.12. 2014. | Percentage 2008-2014 | 30.01. 2015. | Percentage 2014 12. 30. | 1.03. 2015. | Percentage 2015 01.30. |
Beef | 8.0 | 7,5 | 7,5 | 8.0 | 8.0 | 0 | 7.0 | -1.0 | 6.5 | -0.50 |
Mutton | 9.0 | 9,0 | 10,0 | 10.0 | 10.0 | 0 | 9.0 | -1.0 | 9.5 | +0.50 |
Chicken | 2.6 | 2,6 | 2,5 | 2.5 | 2.70 | +0.20 | 2.6 | -0.10 | 2.7 | +0.10 |
Chicken giblets | 3.2 | 3,0 | 3,0 | 3.0 | 3.0 | +0 | 2.6 | -0.40 | 2.8 | +0.20 |
Sturgeon | 32.0 | 35,0 | 37,0 | 38.0 | 35.0 | -3.0 | 35.0 | 0 | 35.0 | 0 |
Butter | 5.9 | 6,49 | 6,48 | 6.48 | 6.50 | +0.02 | 6.48 | -0.02 | 6.80 | +0.32 |
Corn oil (1 liter) | 2.8 | 2,47 | 2,43 | 2.43 | 2.45 | +0.02 | 2.35 | -0.10 | 2.45 | +0.10 |
Margarine | 1.8 | 2,89 | 2,94 | 2.94 | 3.0 | +0.06 | 3.30 | +0.30 | 3.30 | 0 |
Eggs (10) | 0.7 | 0,90 | 0,90 | 1.10 | 1.0 | -10.0 | 1.0 | 0 | 0.90 | -0.10 |
Granulated sugar | 0.9 | 0,81 | 0,80 | 0.83 | 0.90 | +0.07 | 0.90 | 0 | 0.90 | 0 |
Lump sugar | 1.5 | 1,50 | 1,52 | 1.52 | 1.52 | 0 | 1.58 | +0.06 | 1.70 | +0.12 |
Salt | 0.3 | 0,37 | 0,34 | 0.35 | 0.35 | 0 | 0.35 | 0 | 0.35 | 0 |
Flour (Sort I) | 0.5 | 0,47 | 0,49 | 0.45 | 0.50 | +0.05 | 0.56 | +0.06 | 0.67 | +0.11 |
Vermicelli | 0.77 0.5kq | 0,72 0,5kq | 0,75 0,5kq | 0.75 | 0.78 | +0.03 | 0.72 | -0.06 | 0.75 | +0.03 |
Buckwheat | 2.1 | 1,99 | 1,80 | 1.82 | 2.10 | +0.28 | 1.60 | -0.50 | 2.80 | +1.20 |
Macaroni | 0.85 0.5kq | 0,58 0,5kq | 0,62 0,5kq | 0.62 | 0.70 | +0.08 | 0.72 | +0.02 | 0.80 | +0.08 |
Rice | 1.5 | 1,85 | 1,85 | 1.85 | 1.88 | +0.03 | 1.98 | +0.10 | 2.20 | +0.22 |
Milk (1 liter) | 1.2 | 0,80 | 0,80 | 0.90 | 1.0 | +0.10 | 1.0 | 0 | 1.20 | +0.20 |
Sour cream (100 grams) | 0.3 | 0,22 | 0,48 | 0.45 | 0.45 | 0 | 0.44 | -0.01 | 0.48 | +0.04 |
Sour milk (1 liter) | 1.3 | 1,35 | 1,49 | 1.42 | 1.40 | -0.02 | 1.23 | 0.17 | 1.30 | +0.07 |
White cheese | 4.5 | 4,0 | 4,40 | 4.40 | 4.40 | 0 | 4.80 | +0.40 | 4.90 | +0.10 |
Local biscuits | 1.8 | 2,20 | 2,20 | 1.80 | 1.90 | +0.10 | 1.60 | -0.30 | 2.10 | +0.50 |
Potatoes | 0.7 | 0,70 | 0,80 | 1.0 | 0.90 | -0.10 | 1.0 | +0.10 | 1.0 | 0 |
Onions | 0.35 | 0,40 | 0,50 | 0.50 | 0.50 | 0 | 0.60 | +0.10 | 0.75 | +0.15 |
Cucumbers | 0.70 | 0,80 | 0,70 | 1.00 | 1.50 | +0.50 | 1.50 | 0 | 2.0 | +0.50 |
Tomatoes | 0.8 | 1,50 | 2,80 | 1.50 | 2.0 | +0.50 | 2.50 | +0.50 | 2.50 | 0 |
Cabbages | 0.6 | 1,00 | 0,90 | 1.00 | 1.0 | 0 | 1.0 | 0 | 1.0 | 0 |
Apples | 0.8 | 0,45 | 0,50 | 0.70 | 1.0 | +0.30 | 1.0 | 0 | 1.20 | +0.20 |
Green vegetables (1 bunch) | 0.15 | 0,20 | 0,20 | 0.20 | 0.20 | 0 | 0.20 | 0 | 0.20 | 0 |
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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