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Georgia’s Monthly Inflation Rate Grows by 1%

The country’s inflation rate is increasing following price changes of several major commodities in the consumer basket.

Today Georgia’s National Statistics Office, Geostat, released latest information about the country’s monthly and annual inflation; the August 2015 monthly inflation rate reached one percent while the annual inflation rate equalled 5.4 percent.

In August 2015 the monthly inflation rate in Georgia amounted to 1.0 percent. Food and non-alcoholic beverages: the prices for the group increased 2.0 percent and contributed 0.58 percentage points to the overall index change. It is worth noting the price increases for the following subgroups: milk, cheese and eggs (9.4 percent), fruit and grapes (8.6 percent). The prices were down for vegetables (-0.7 percent);

Housing, water, electricity, gas and other fuels: prices advanced 4.4 percent, contributing 0.33 percentage points to the overall monthly inflation. This price dynamics was mainly due to the 11.4 percent price increase for electricity;

Food and non-alcoholic beverages: the prices increased 6.3 percent over the 12-month period with the relevant contribution of 1.86 percentage points to the overall inflation rate. Significant price gains were recorded for the following subgroups: fruit and grapes (48.3 percent), vegetables (14.9 percent), bread and cereals (3.6 percent) and oils and fats (12.0 percent);

Health: the prices increased 9.1 percent contributing 0.88 percentage points to the overall annual inflation. The prices mainly rose for medical products, appliances and equipment (24.2 percent);

Alcoholic beverages, tobacco: within the group prices increased 13.1 percent with an impact of 0.68 percentage points on the overall inflation rate. The prices advanced both for alcoholic beverages (13.4 percent) and tobacco (11.8 percent);

Furnishings, household equipment and maintenance: the prices for the group increased 9.3 percent, contributing 0.61 percentage points to the overall index growth.