Government predicts, central bank blames external shocks, life is getting more expensive

Government predicts, central bank blames external shocks, life is getting more expensive

access_time2021-11-29 13:38:39

As of 12 months in 2021, inflation is expected to stand  at 14%.

 

This is the forecast made by the international and non-governmental organizations what  the government and the National Bank agree with that means that prices will definitely keep surging.

 

Sakstat data also  confirms astronomical rise in prices, according to which, due to high inflation in the current year  vegetables have risen in price by 42%, sunflower oil by 31%, bread by 19%.

 

In particular, compared with October 2020, inflation stood at 12.8% that is the anti- record level in the last 10 years.


 

In October 2021, prices of  food and non-alcoholic beverages rose by 18.4%, including vegetables - by 43%, oils by 31.6%, bread and bakery products by 19.4%, milk, cheese, and eggs - by 18 , 2%, sugar and sweets by 18%, fish by 16%, mineral waters and soft drinks - by 13%, meat and meat products by 11.2%, fruits by 9.3%, tea, coffee, cocoa by 6, 4%.

 

Apart from that, utility tariffs for electricity, gas and other energy resources have increased by 13.9% compared to October 2020.

 

Gasoline rose in price by 43%, diesel fuel rose by 35%  mainly due to the increase in fuel prices on the global markets. Fuel price hikes automatically increase total transport costs  and as a result,   an increase in prices for all goods, primarily food.

 

the authorities also acknowledge the problem given its scale. The head of the Finance and Budget Committee of the Parliament Irakli Kovzanadze names  the central bank’s ineffective actions as one of the factors contributing to inflation and prices hikes.

 

“Prices for some products have increased by 100%, and each government department is responsible for the current  situation. In particular, the National Bank, which is responsible for curbing inflation. Since December last year, the Committee has warned of  price hikes, and the forecasts have come true laying  a heavy burden on both the population and the country’s economy,” he concludes.

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