Inflation Amounted to 9.4% in January in Georgia

According to Geostat, in January 2023, compared to the previous month, the inflation level in Georgia was 0.8 percent, and the annual inflation level was 9.4 percent.

In January 2023, the base inflation rate was 7.7 percent compared to the corresponding period last year, and the annual base inflation rate without tobacco was also determined at 7.7 percent.

The formation of the monthly inflation index was mainly influenced by price changes for the following groups:

Furniture, household goods, home care: The group saw a 2.5 percent increase in prices, which reflected a 0.13 percentage point increase in the overall index. Prices increased for the following subgroups: furniture, household items, carpets and other floor coverings (5.3 percent), daily household goods and services (4.3 percent);

Clothing and footwear: There was a 2.3 percent decline in prices over the period. Accordingly, the group's contribution to the month's inflation amounted to -0.09 percentage points. Prices have decreased for both clothing (-2.5 percent) and footwear (-1.6 percent) groups.

The formation of annual inflation was mainly influenced by price changes on the following groups:

Food and non-alcoholic beverages: Prices in the group increased by 15 percent, reflecting annual inflation of 5.03 percentage points. Prices have increased for the following subgroups: vegetables and garden vegetables (26.5 percent), bread and bakery products (22.8 percent), coffee, tea and cocoa (17.1 percent), milk, cheese and eggs (16.7 percent), mineral and spring water, non-alcoholic beverages and natural juices (16.5 percent), fish (13.0 percent), sugar, jam and other sweets (12.4 percent), meat and meat products (8.7 percent), oil and fat (4.7 percent);

Housing, water, electricity, gas: the group recorded a 13.1 percent increase in prices, which reflected annual inflation by 1.38 percentage points. Prices increased for subgroups: actual tax on housing (40.0 percent) and ongoing maintenance and repair of housing (9.1 percent);

In the transport group, prices increased by 5.2 percent, which was 0.63 percentage points higher than the overall index. Prices have increased for transportation services (18.5 percent) and the operation of personal vehicles (2.8 percent). At the same time, the prices for the purchase of vehicles decreased (-2.5 percent).