The Harmonized Index of Consumer Prices (HICP) for the month of July 2023 decreased by 0.5% compared to the same period of the previous year and by 0.4% compared to June.
Sakstat reports that the highest growth was registered in the education (7.0%), alcoholic beverages, tobacco (6.4%), hotels, cafes and restaurants (6.1%).
Housing, water, electricity, gas and other types of heating index increased by 3.5%, furniture, household items and decorations, home care price index by 1.4%, clothing and footwear index by 0.8%.
Instead, HICP declines for transportation by 13.1% in July compared to last year , by 7.3%- in the health care index, by 2.7% - in the telecommunications sector. A 0.2% decrease was also recorded in the HICP for food and non-alcoholic beverages.
The HICP indicator is mainly used by the EU member states and is the most important indicator for price stability. It is based on a unified, harmonised methodology. Thus, the successful introduction of this indicator in Georgia is of high importance in terms of convergence with the EU standards.
The calculation of Harmonised Index of Consumer Prices (HICP) is based on the methodological guidelines and legislation developed by the European Union, the strict observance of which is mandatory for all countries producing this indicator.
