Prices and situation in consumer market

Consumer market

Social policy of state, growth of incomes of private and public sectors in the first half of 2008 further strengthened payment capacity which accordingly caused growth in the consumer market.  

However, the global crisis in 2008 did not go beyond Azerbaijan. In the commercial sector of the country over the recent months of 2008, the retail trade networks of Azerbaijan experienced a phenomenal drop in the turnover. Depending on specialization, the commercial facilities mentioned average drop of 27-30 percent in the turnover. The situation improved a little in the period of new-year holidays, but this was not sufficient for the complete compensation for the missed profit.

Thus, in 2008 a rise of the retail goods turnover got restored amid continuing rise of the community services and was 18.8%. The amount of retail goods turnover comprised AZN 10876mln or 16.1% up as compared to last year. The commercial services delivered to population comprised AZN 3393mln or 29.7% up as compared to previous year.

Prices

In 2008 the growth pace of inflation was 20.8% as compared to 2007, In 2007, this figure totaled 16.7%.

Considerable rise in the growth pace of inflation was caused by intensification of the growth pace of prices of all goods, particularly services. But in the second half of the year, the rate of inflation started to reduce due to the financial crisis. Thus, in 2008 the prices for consumer goods and service tariffs reduced 0.4%.

Prices for the food products reduced 1% in December, non-food products remained unchanged, and the service tariffs increased 0.5%. But during entire 2008 the prices for the food products grew by 28.6%. The rise in the prices of the non-food products was insignificant as compared to the increase in the prices of the food products. Thus, in January - December the prices for the non-food products grew 11.5%, and prices for services - 11.4%.

In December, the base index of the consumer prices incurring seasonal changes (fruits and vegetable) and being regulated by the Government made up 99.3% as compared to the previous month, and 122.1% to the same period of the last year.    

As compared to November, in December 2008 the index of industrial goods price decreased 17.5% and increased by 11.6% in January-December. The price in oil and gas production reduced by 27.6% in December, and annual growth totaled 12.6%. The whole prices in the refining in 2008 rose 0.2%, but in December the prices remained unchanged as compared to the previous year. 

The prices in refining chemical products growth totaled 5.7% at annualized pace, but in December the price decreased 21.5%. In December, the prices in metallurgy reduced by 3.1%, but increased by 5.7% at annualized pace. The prices for electricity, gas and water remained unchanged, but grew by 0.7% at annualized pace.

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