Georgia: Annual inflation rate at 12.8% in April 2022

Georgia: The National Statistics Office of Georgia (Geostat) announced on Tuesday that the Consumer Price Index in Georgia increased by 1.8 per cent in the Month of April 2020 as compared to the previous month, while the annual inflation rate was 12.8 per cent.

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Georgia: Annual inflation rate at 12.8% in April 2022
Georgia: Annual inflation rate at 12.8% in April 2022

Georgia: The National Statistics Office of Georgia (Geostat) announced on Tuesday that the Consumer Price Index in Georgia increased by 1.8 per cent in the Month of April 2020 as compared to the previous month, while the annual inflation rate was 12.8 per cent.

As per the data, double-digit inflation has already been observed in Georgia for ten months.

As for core inflation, this figure was 5% in April compared to the same period last year, while the annual core inflation rate without tobacco was 5.7%.


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

  • Food and non-alcoholic beverages (+3.3%)
  • Transport (+3.7%)
  • Clothing and footwear (+4.9%)

As for the annual inflation rate, it was mainly impacted by cost changes in the following groups: 

Food and non-alcoholic beverages (+21.3)

Prices increased for the following subgroups: vegetables and horticulture (46.2%), bread and bakery products (28.8%), mineral and spring water, non-alcoholic beverages and natural juices (24.1%), oil and fat (20.8%), sugar, jam and other sweets (19.3%), fish (18.9%), milk, cheese and eggs (18%), coffee, tea and cocoa (17.6%), fruits and grapes (14.4%), meat and meat products (10.9%).

Transport (+22.4%)

Prices increased for the operation of personal vehicles (29.1%), for transport services (10.8%) and for the purchase of vehicles (3.9%).

Housing, water, electricity, gas and other fuels (+9.4%)

Prices increased for the subgroups: current maintenance and repair of housing (14.4%), electricity, gas and other fuels (11.2%) and actual tax on housing (6.5%).


However, in March, the annual inflation rate was 11.8 per cent. According to the National Bank, the most significant impact on 2022 inflation was due to the sharp rise in the prices of fuel. 

According to the regulator, inflation in Georgia will be higher than the target this year. 

The NBG, which increased the refinancing rate by 0.5 percentage points to 11 per cent in late March, stated the ongoing hostilities in Ukraine and sanctions imposed on Russia had led to high global inflation, increasing the prices of several products categories on world markets.

The projected real Gross Domestic Product climbed by 10.6% year over year in March 2022, while the average GDP jumped by 14.4% in the first quarter.

 

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