August 2020: Inflation rate in Georgia

August 2020: Inflation rate in Georgia

The FINANCIAL -- National Statistics Office of Georgia published data of Inflation rate in Georgia (August 2020). The Consumer Price Index decreased 0.02 percent compared to the previous month, while the annual inflation rate amounted to 4.8 percent. With regard to the annual core inflation, the prices increased by 5.7 percent, while the annual core inflation without tobacco2 amounted to 5.2 percent. The prices of food and non-alcoholic beverages have decreased in Georgia month-on-month by 0.5 percent.

Prices were lower for: Fruit and grapes (-10.6 per cent) Vegetables (-2.8 per cent), Coffee, tea and cocoa (-0.7 percent). On the other hand, the prices increased for milk, cheese and eggs (+2.2 percent) and for transport. In this group the prices increased for operation of personal transport equipment (1.8 per cent). Overall, in August 2020 the consumer price index decreased by 0.02 per cent compared to the previous month, while the annual inflation rate amounted to 4.8 per cent. With regard to annual core inflation, which is calculated by excluding the groups of food and non-alcoholic beverages, energy, regulated tariffs, transport from the consumer basket, the prices increased by 5.7 per cent, while the annual core inflation without tobacco amounted to 5.2 per cent, local media agenda.ge reported.

The following table shows percentage changes in prices for the commodity groups of the consumer basket, as well as the relevant contributions to the overall annual inflation rate in August 2020.

The annual inflation rate was mainly influenced by price changes for the following groups: Food and non-alcoholic beverages: the prices in the group increased by 9.2 percent, contributing 2.88 percentage points to the overall annual inflation rate. Within the group the prices increased for the following subgroups: fruit and grapes (18.0 percent), coffee, tea and cocoa (14.9 percent), fish (13.5 percent), oils and fats (11.9 percent), milk, cheese and eggs (11.7 percent), mineral waters, soft drinks, fruit and vegetable juices (9.0 percent), bread and cereals (9.0 percent), meat (8.8 percent) and sugar, jam, honey, chocolate and confectionery (4.5 percent); Alcoholic beverages and tobacco: the prices increased by 8.9 percent, with a relevant contribution of 0.6 percentage points to the overall annual inflation rate.

The prices increased for both tobacco (13.4 percent) and alcoholic beverages (5.2 percent); Furnishings, household equipment and routine maintenance of the house: the prices in the group went up by 9.7 percent, which resulted in a 0.58 percentage point contribution to the overall annual inflation rate. The prices increased for the following subgroups: household appliances (11.3 percent), glassware, tableware and household utensils (9.5 percent) and goods and services for routine household maintenance (9.1 percent).

In July 2020, The Consumer Price Index was decreased by 0.5 percent compared to June, while the annual inflation rate was amounted to 5.7 percent. With regard to the annual core inflation, the prices were increased by 6.1 percent, while the annual core inflation without tobacco was amounted to 5.8 percent. The prices of food and non-alcoholic beverages, clothing and footwear had decreased in Georgia month-on-month, according to last month’s inflation data from the National Statistics Office of Georgia (Geostat). As for annual inflation, prices were increased in the group of food and non-alcoholic beverages (+11.5 per cent), alcoholic beverages and tobacco (+9 per cent), while the prices went down for transport by 9.3 per cent, agenda.ge reported.

Last week, National Statistics Office of Georgia published data of the information on hotels and hotel type enterprises in Georgia (2019 year). In 2019, there were more than 1 600 economic entities working in hotel services that owned 1682 hotel and hotel-type enterprises. This is higher than in 2018. The total area of the hotels and hotel-type enterprises in Georgia was 2 272.3 thousand square meters, which is also higher than in 2018, and hotels and hotel enterprises served 4 014.0 thousand guests, which is 9.5 percent higher than the corresponding figure of the previous year. Read more

July 2020 Producer Price Index for Industrial Products in Georgia

Author: The FINANCIAL