Georgia’s annual inflation drops, monthly rate rises
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The country’s annual inflation rates is dropping, however the monthly inflation rate is on the rise.
Today the National Statistics Office of Georgia, Geostat, revealed in May 2015 the monthly inflation rate in Georgia reached 0.6 percent, while the annual inflation rate equalled 3.5 percent.
In comparison to April figures, Geostat noted the monthly inflation rate in Georgia reached 0.3 percent, while the annual inflation rate equalled 2.5 percent.
Latest Geostat data revealed food and non-alcoholic beverages, alcoholic drinks and transport were the groups that were mainly responsible for the formation of the inflation rate in May.
Last month prices continued to drop for milk, cheese and eggs. Additionally, customers also reaped the benefits of cheaper fruit.
In terms of transport costs, in May 2015 prices rose 3 percent. This contributed about 0.34 percentage points to the monthly inflation rate. In particular prices rose 5.8 percent for fuels and lubricants.
Meanwhile health- related costs increased 1.3 percent last month, contributing 0.13 percentage points to the overall inflation. In this group the cost of medical products, appliances and equipment rose 3.9 percent.
The cost of food and non-alcoholic beverages dropped 0.6 percent last month, which contributed -0.18 percentage points to the overall monthly inflation. Prices were also down for milk, cheese and eggs (-6.8 percent), and fruit and grapes (-0.3 percent). Conversely, the cost of oils and fats increased (2.2 percent), and so did the price of vegetables (2 percent).
The annual inflation rate was mainly formed by price changes in the following groups:
Food and non-alcoholic beverages: Prices increased 3.9 percent over a year, contributing 1.19 percentage points to the overall inflation rate. Prices significantly increased for the following subgroups: fruit and grapes (27.1 percent), oils and fats (9.1 percent), coffee, tea and cocoa (8.3 percent), sugar, jam, honey, chocolate and confectionery (5.9 percent), fish (4.5 percent) and meat (4.0 percent). The cost of milk, cheese and eggs decreased (-1.6 percent).
Health: Prices increased 6.6 percent year-on-year (y/y) contributing 0.64 percentage points to the overall inflation. In the group prices rose for medical products, appliances and equipment (13.1 percent), out-patient services (4.9 percent) and hospital services (3.7 percent).
Alcoholic beverages, tobacco: In the past 12 months the cost of items in this group increased 11.9 percent with the relevant contribution of 0.62 percentage points on the overall inflation. The price of alcoholic beverages rose (13.4 percent), as did tobacco (10.4 percent).
Transport: Prices for items and services in this group dropped 3.2 percent, contributing -0.38 percentage points to the annual inflation rate. Prices were lower for fuels and lubricants (-9.9 percent).
The cost of some basic food items in Georgia is dropping thanks to a slight fall in the monthly inflation rate.
In March 2015 the monthly inflation rate in Georgia reached 1.2 percent while the annual inflation rate equalled 2.6 percent, stated the National Statistics Office of Georgia (Geostat).
In February 2015 the monthly inflation rate in Georgia reached 0.1 percent.
Latest information from Geostat, the National Statistics Office of Georgia (Geostat), revealed January’s inflation rate of 0.2 percent was calculated following price increases for alcohol, cigarettes, vegetables and other basic needs.
The amount of money a person needs to support themselves in Georgia is slowly rising.
The cost of several basic goods and services in Georgia is dropping. Prices are continuing to drop for milk, cheese, eggs and vegetables however consumers are still paying more for fruit
The cost of living in Georgia is becoming more expensive as health-related costs and prices of food, drinks and tobacco continue to rise.
The country’s inflation rate is increasing following price changes of several major commodities in the consumer basket.
Georgia’s monthly inflation rate is increasing slightly while the annual inflation rate is dropping following price changes of several major commodities in the consumer basket.
Georgia’s monthly inflation rate is slightly dropping while the annual inflation rate is on the rise following price changes to several major commodities in the consumer basket.
Georgia’s monthly inflation rate is slightly dropping while the annual inflation rate is on the rise following price changes to several major commodities in the consumer basket.