Food prices up by 2% In September
In September 2024, the average price of the consumer basket (CB) for 30 types of basic domestically produced food products in Baku, as compiled by Turan agency, increased by 2%.
In August, the average price of the CB increased by 0.6%, in July by 2%, in June decreased by 2%, in May it rose by 0.2%, in April decreased by 2%, in March rose by 5%, in February decreased by 3%, and in January 2024 it rose by 1%. In December 2023, the CB price increased by 1%, decreased by 2% in November, fell by 0.5% in October, increased by 3% in September, rose by 0.8% in August, increased by 3% in July, grew by 7% in June, decreased by 7% in May, increased by 0.7% in April, fell by 1% in February, and increased by 2.6% in January. In December 2022, it increased by 1%.
Prices of the following products increased: vermicelli and pasta (+40%), buckwheat (+40%), milk (+37%), cucumbers (+33%), onions (+22%), white cabbage (+20%), corn oil (+15%), granulated sugar (+8%), beef (+6%), butter (+5%), and chicken (+2%).
The following products decreased in price: tomatoes (-44%), apples (-20%), and eggs (-15%).
Prices for other food products remained stable throughout the month.
Below is a table summarizing the price changes over the past five years:
|
Year |
Month |
Price Change |
|
2023 |
September |
+3% |
|
2022 |
September |
+5% |
|
2021 |
September |
+1.9% |
|
2020 |
September |
-0.1% |
|
2019 |
September |
+0.5% |
|
Foods |
Prices by September 1, 2024 |
Prices by October 1, 2024 |
Change |
|
|
AZN |
% |
|||
|
Beef |
14.50 |
15.50 |
+ 1.0 |
6 |
|
Mutton |
20.00 |
20.00 |
0 |
0 |
|
Chicken |
5.89 |
6.05 |
+ 0.16 |
2 |
|
Chicken giblets |
3.49 |
3.49 |
0 |
0 |
|
Sturgeon |
50.0 |
50.0 |
0 |
0 |
|
Butter |
18.50 |
19.50 |
+ 1.0 |
5 |
|
Corn oil (1 liter) |
4.49 |
5.19 |
+ 0.70 |
15 |
|
Margarine |
5.90 |
5.90 |
0 |
0 |
|
Eggs (10) |
1.30 |
1.10 |
- 0.20 |
15 |
|
Granulated sugar |
1.65 |
1.59 |
0.06 |
3 |
|
Lump sugar |
2.25 |
2.45 |
+ 0.20 |
8 |
|
Salt |
0.59 |
0.59 |
0 |
0 |
|
Flour (Sort I) |
0.58 |
0.58 |
0 |
0 |
|
Vermicelli |
1.09 |
1.53 |
+ 0.44 |
40 |
|
Buckwheat |
1.20 |
1.50 |
+ 0.30 |
20 |
|
Macaroni |
1.09 |
1.53 |
+ 0.44 |
40 |
|
Rice |
4.10 |
4.10 |
0 |
0 |
|
Milk (1 liter) |
1.89 |
2.59 |
+ 0.70 |
37 |
|
Sour cream (100 grams) |
0.71 |
0.71 |
0 |
0 |
|
Sour milk (1 liter) |
3.49 |
3.49 |
0 |
0 |
|
White cheese |
8.49 |
8.49 |
0 |
0 |
|
Local biscuits |
3.20 |
3.20 |
0 |
0 |
|
Potatoes |
0.89 |
0.85 |
- 0.04 |
4 |
|
Onions |
0.45 |
0.55 |
+ 0.10 |
22 |
|
Cucumbers |
0.59 |
0.79 |
+ 0.20 |
33 |
|
Tomatoes |
2.89 |
1.59 |
- 1.30 |
44 |
|
Cabbages |
0.45 |
0.65 |
+ 0.20 |
30 |
|
Apples |
1.19 |
0.95 |
- 0.24 |
20 |
|
Green vegetables (1 bunch) |
0.17 |
0.17 |
0 |
0 |
|
|
159.90 |
164.63 |
+ 4.73 |
2 |
Markets Review
-
In September 2024, the lending situation changed in three banks in Azerbaijan. These banks adjusted their interest rates for consumer loans in manats. Specifically: The annual interest rate for cash loans at Azər-Türk Bank changed from 11-17% to 11-15%. At Expressbank, the rate increased from 11% to 12%. Bank VTB Azerbaijan started offering pawn loans at an annual interest rate of 18%. In the remaining 19 banks, loan rates remained stable over the past month.
-
In September 2024, the situation regarding deposit acceptance changed in nine banks in Azerbaijan. The interest rates for deposits in both manat and US dollars increased. For example, the annual interest rate for deposits in the national currency for terms of up to one year rose as follows:
-
In August 2024 in Baku, average prices of the consumer basket (CB) for 30 types of basic food products of domestic production, compiled by Turan agency, rose by 0.6%.
-
In August 2024, the situation with lending in 4 banks changed in Azerbaijan. Banks have revised interest rates on consumer loans in manats. Thus, Bank Avrasiya has increased the annual interest rate on mortgage loans (real estate collateral) from 12% to 12-14%.
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