Markets Review
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Over the past six years, the construction sector in Baku, the capital of Azerbaijan, has seen a significant increase in prices for building materials, which marked a difficult period for both industry professionals and consumers. From March 2018 to March 2024, the average price increase for building materials was an astounding 27%, highlighting a trend that affects the entire range of construction projects, from residential buildings to commercial projects and infrastructure projects.
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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.
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In February 2024, in Baku, the average price of the consumer basket (CB) for 30 types of basic food products of domestic production, compiled by the Turan agency, dropped by 3%. In January, the average CB price rose by 1%, in December 2023 it rose by 1%, in November it dropped by 2%, in October - by 0.5%, in September it rose by 3%, in August - by 0.8%, in July - by 3%, in June - by 7%, in May it dropped by 7%, in April it rose by 0.7%, in February the price dropped by 1%, in January it rose by 2.6%, in December 2022 - by 1%,
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In February 2024, the lending situation in 9 banks in Azerbaijan changed. Banks have revised the percentage of consumer and business loans issued in Azerbaijani manats. Thus, the annual interest rate on cash loans has been reduced in “Azər-Türk Bank” from 12-15% to 11-15%, in “Bank Respublika” from 12% to 10%, in “Paşabank" from 13-28% to 12-28%.
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