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Tuesday, January 31, 2023

Georgia: Annual inflation rate at 11.8% in March 2022

In Georgia, the National Statistics Office of Georgia (Geostat) announced on Monday, April 4, that the Consumer Price Index grew by 2.5 per cent in March month-on-month, while the annual inflation rate equalled 11.8 per cent.

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In Georgia, the National Statistics Office of Georgia (Geostat) announced on Monday, April 4, that the Consumer Price Index grew by 2.5 per cent in March month-on-month, while the annual inflation rate equalled 11.8 per cent.

The agency also showed that annual core inflation increased by 5.3 per cent, excluding food and non-alcoholic drinks, energy, regulated tariffs, and transportation prices, while the figure excluding tobacco totalled 6 per cent. 

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Price changes mainly influenced the monthly inflation rate in the following groups:

  • Transport (+8.9%)
  • Food and non-alcoholic beverages (+2%)

While price changes mainly influenced the annual inflation rate in the following groups:

  • Food and non-alcoholic beverages (+17.8%)
  • Transport (+21.6%)
  • Housing, water, electricity, gas and other fuels (+8.4%)

Costs in March were higher for the following subgroups of non-alcoholic beverages and food:

  • Sugar, jam, honey, chocolate and confectionery (+6.6%)
  • Fruit and grapes (+5%)
  • Coffee, tea and cocoa (+4.3%)
  • Oils and fats (+3.4%)
  • Bread and cereals (+3.1%)

According to the reports by Geostat, a 4% decline in costs was also reported for vegetables in the month.

Moreover, the National Bank of Georgia (NBG), which raised the refinancing rate by 0.5 percentage points, amounting to 11 % in March, said the “sharp rise” in fuel prices was expected to have a “significant impact” on inflation by translating into higher inflation anticipations, adding the trend would begin to plunge from March but would remain above the target during the year. 

Georgia’s projected Gross Domestic Product (GDP) rose by 14.6% in February 2022 compared to the same period last year.

 

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