Georgia’s inflation spiked hitting a 10-year high

Georgia’s inflation spiked hitting a 10-year high

access_time2021-08-03 11:30:23


In July 2021 the Consumer Price Index increased by 1.3 percent compared to the previous month, while the annual inflation rate amounted to 11.9 percent. With regard to the annual core inflation1 , the prices increased by 6.4 percent, while the annual core inflation without tobacco2 amounted to 6.3 percent. 


The monthly inflation rate was mainly influenced by price changes for the following groups: Food and non-alcoholic beverages: the prices for the group increased by 3.2 percent, contributing 1.02 percentage points to the overall monthly index change.


The prices were higher for the following subgroups: vegetables (6.5 percent), bread and cereals (6.5 percent), milk, cheese and eggs (5.2 percent), fruit and grapes (5.0 percent), mineral waters, soft drinks, fruit and vegetable juices (3.5 percent), sugar, jam, honey, chocolate and confectionery (1.1 percent); Transport: the prices increased by 1.4 percent, contributing 0.18 percentage points to the monthly inflation. Within the group the prices increased for transport services (2.2 percent), purchase of vehicles (1.3 percent) and operation of personal transport equipment (1.2 percent); Restaurants and hotels: the prices for the group posted a 1.2 percent increase, with the relevant contribution of 0.08 percentage points to the monthly inflation rate. Within the group, the prices were higher for accommodation services (9.7 percent).

 


The annual inflation rate was mainly influenced by price changes for the following groups:


Food and non-alcoholic beverages: the prices in the group increased by 14.1 percent, contributing 4.43 percentage points to the overall annual inflation rate. Within the group the prices increased for the following subgroups: oils and fats (48.0 percent), vegetables (35.4 percent), sugar, jam, honey, chocolate and confectionery (18.1 percent), milk, cheese and eggs (15.4 percent), bread and cereals (12.4 percent), fish (11.5 percent), mineral waters, soft drinks, fruit and vegetable juices (10.4 percent), meat (5.3 percent), coffee, tea and cocoa (4.7 percent);


Transport: the prices increased by 22.5 percent, contributing 2.65 percentage points to the annual inflation rate. Within the group the prices increased for operation of personal transport equipment (33.2 percent), transport services (3.8 percent) and purchase of vehicles (1.7 percent);


Housing, water, electricity, gas and other fuels: the prices for the group posted an 11.1 percent increase, which contributed 1.65 percentage points to the annual inflation rate. The prices were Food and non-alcoholic beverages 14.1 Alcoholic beverages and tobacco 7.1 Clothing and footwear 1.7 Housing, water, electricity, gas and other fuels 11.1 Furnishings, household equipment and maintenance 11.5 Health 11.4 Transport 22.5 Communication -0.8 Recreation and culture 4.7 Education 1.6 Restaurants and hotels 10.2 Miscellaneous goods and services 6.0 5  higher for the following subgroups: electricity, gas and other fuels (13.6 percent), maintenance and repair of the dwelling (8.7 percent) and water supply and miscellaneous services relating to the dwelling (4.5 percent). In the same period, prices were lower for actual rentals for housing (-3.8 percent);


Health: the prices went up by 11.4 percent, contributing 0.89 percentage points to the overall annual inflation rate. The prices increased for medical products, appliances and equipment (19.8 percent), hospital services (5.3 percent) and out-patient services (3.8 percent).

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