Annual inflation hits 2.4 % in Georgia
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The annual inflation rate in December 2013 was 2.4 per cent - the highest it has been since October 2011, as the prices on food, tobacco, housing, water, electricity, gas and other fuels increased.
The information, released on January 3 by the state statistics office, Geostat, claimed inflation had been mostly in negative territory or hovering around zero for the past 25 months.
In November it was 0.6 per cent.
The cost of food, tobacco, housing and other amenities has hit its highest peak in 27 months, and it is set to rise higher this year.
Looking ahead, the Government has forecast the inflation rate to be at 3.5 per cent for 2014, in accordance with the state budget.
Over the past 12 months, the cost of food and non-alcoholic beverages increased by 5.7 per cent. This contributed 1. 75 per cent points to the overall index.
In the same time, the cost of vegetables increased by 44 per cent, while milk, cheese and eggs increased by 3 per cent.
Similarly, the cost of fruit and grapes dropped by -7.3 per cent, and the price of oils and fats dropped by 4 per cent.
The cost of alcoholic beverages and tobacco increased 8.1 per cent. The highest price increase was recorded for tobacco, at 13. 6 per cent.
In December 2013, transport prices declined 1.7 per cent.
The most notable price decreases were recorded for the purchase of vehicles (-7.4 per cent). Prices on clothing and footwear dropped by -5.5 per cent.
In December the monthly inflation rate in Georgia amounted to 1.5 per cent.
National Bank of Georgia’s (NBG) President Giorgi Kadagidze said the bank may tighten cash conditions in the financial system to address the inflation risks.
Currently, the steadily decreasing value of the Georgian Lari is the lowest it has been against the US Dollar since 2011. As of January 18, 1 GEL is valued at 1.7678 USD.
As of January 31, 1 GEL is valued at 1.7819 USD - the lowest it has been against the US Dollar since 2011.
Georgia’s annual inflation has hit 2.9% in January, up from 2.4% recorded in December, latest data from state statistics office Geostat reveals.
The country’s monthly basis inflation stood at 0.2% in February.
Georgia’s annual inflation rate dropped 1 percent last month as the price of alcohol, cigarettes, vegetables and other basic needs increased.
Latest data from state statistics office Geostat revealed Georgia’s annual inflation rate was 2.8 percent in July, up from 2 percent in June.
Georgia’s annual inflation has hit 4.8 percent in September – up from 3.4 percent recorded in August as the price of food and non-alcoholic beverages, healthcare services and other basic needs increased.
Georgia’s annual inflation rate dropped 1.4 percent last month as the price of food, non-alcoholic beverages and healthcare services and other basic needs increased.