At first glance, Azerbaijan’s consumer is having a decent year. Retail trade turnover reached 38.36bn manats in January–July and increased by 3.8% in real terms. Nominal household income rose by 9.8% to 55.63bn manats, while average inflation was 5.7%, according to the State Statistical Committee’s macroeconomic indicators. Put together, those figures imply that the aggregate purchasing power of incomes grew by roughly 3.9%....

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