From Novruz to Novruz: prices decreased by 1 in a year%

While Baku residents welcome Novruz, a comprehensive analysis of the prices of the consumer basket over the past year reveals intriguing trends in the city's food market. The data collected by Turan agency, covering the period from March 1, 2023 to March 1, 2024, provides valuable information on fluctuations in prices for basic foodstuffs, drawing a detailed picture of economic dynamics in the capital of Azerbaijan.

During this period, the average price of the consumer basket, which includes 30 basic food products of domestic production, decreased slightly - by 1%. If you delve into the breakdown of these indicators, you can see both a noticeable increase and a decline in individual product categories, highlighting the various factors operating in the culinary shelf of Baku.

 Ups and Downs: Solving price fluctuations

Yogurt (+57%), cucumbers (+48%) and apples (+42%) were among the products that saw a sharp increase in prices, reflecting the problems consumers face when accessing these basic goods. In addition, there was an increase in prices for sugar (+13%), lamb (+12.5%), beluga (+12.5%) and beef (+11%), which aggravated the burden on household budgets.

Conversely, there is a silver lining when the prices of several key food items decrease. It is noteworthy that buckwheat has fallen significantly in price - by 53%, which gives some respite to consumers experiencing economic pressure. Other products whose prices have significantly decreased include onions (-48%), margarine (-30%), white cabbage (-28%) and butter (-24%), which indicates positive shifts in the affordability of these essential goods.

A moderate decrease in prices was also noted for corn oil (-23%), Grade 1 flour (-23%), potatoes (-17%), chicken (-15%), sour cream (-11%) and feta cheese (-10%), which further contributed to some relief of the financial burden for consumers.

Stability under fluctuation conditions

While there were noticeable price fluctuations for some products, others remained relatively stable or showed little change. This equilibrium highlights the complex interaction of supply and demand dynamics, as well as external factors shaping market forces.

Tapestry of Economic Sustainability

As Baku heralds the advent of Novruz, the symbolic transition from the old to the new is reflected in slight fluctuations in the prices of consumer baskets, emphasizing the resilience and adaptability of Azerbaijani communities in the face of economic change.