April 2021: annual inflation rate amounts to 7.2%
As for annual inflation, prices increased in the group of restaurants and hotels (+15%), health (+13.8%), transport (+12.4%), housing, water, electricity, gas and other fuels (7.1%) and food and non-alcoholic beverages (+3%). Photo: Nino Alavidze/Agenda.ge.
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In April 2021 the consumer price index increased by 0.9% compared to the previous month, while the annual inflation rate amounted to 7.2%, according to the latest inflation data from the National Statistics Office of Georgia (Geostat).
"With regard to the annual core inflation prices increased by 6.9%, while the annual core inflation without tobacco amounted to 6.8%", said Geostat.
The monthly inflation rate was mainly influenced by price changes for the following groups:
- Transport (+3%)
- Clothing and footwear (+4.9%)
- Furnishings, household equipment and maintenance (+2.1%)
- Food and non-alcoholic beverages (+0.3%)
As for annual inflation, prices increased in the group of restaurants and hotels (+15%), health (+13.8%), transport (+12.4%), housing, water, electricity, gas and other fuels (7.1%) and food and non-alcoholic beverages (+3%).
The National Bank of Georgia (NBG) explained that the reduction of inflation since last December was related to the subsidisation of utility fees but when the subsidy ended last month it caused the upward shift of inflation.
In view of prolonged deviation of inflation from its target and intensified inflationary pressures, the NBG decided to increase the monetary policy rate by 1 percentage point... Given the changed circumstances since the previous meeting inflation will average around 6.5% in 2021 and then gradually approach the target. The forecast for economic growth is about 4% in the baseline scenario", says the NBG.
The central bank said that pressure on inflation is mainly coming from rising prices on international commodity markets and the high dollarisation of the economy, which also carries risks of financial stability.
In March 2021 the consumer price index increased by 4.2% compared to the previous month, while the annual inflation rate amounted to 7.2%, according to the latest inflation data from the National Statistics Office of Georgia (Geostat).
The prices of food, non-alcoholic beverages, transport and restaurants and hotels have increased in Georgia month-on-month, according to the latest inflation data from the National Statistics Office of Georgia (Geostat).
The National Bank of Georgia (NBG) has increased the refinancing rate by one percentage point to 9.50% as a result of which loans for about 125,000 borrowers will increase by one per cent, says the non-government organisation Society and Banks.
The Georgian economy is expected to grow by 3.5% in 2021, rebounding with the gradual lifting of the Covid-19 pandemic restrictions and revival of domestic demand, reads the Asian Development Bank (ADB) Outlook 2021.
The prices of transport, restaurants and hotel food, furnishings, household equipment and maintenance have increased in Georgia month-on-month, according to the latest inflation data from the National Statistics Office of Georgia (Geostat).
The Georgian central bank is leaving the refinancing rate unchanged at 9.5% following a meeting of the monetary policy committee, whose decisions on changes to the monetary policy rate rely on current and expected developments in the economy and financial markets.
In June 2021 the consumer price index increased by 0.7% compared to the previous month, while the annual inflation rate amounted to 9.9%, show to the latest inflation data from the National Statistics Office of Georgia (Geostat). As for annual inflation, prices increased in the group of transport (+22%), housing, water, electricity, gas and other fuels (10.05%) and food and non-alcoholic beverages (+8.8%).
In September the consumer price index has increased by 0.2% compared to the previous month, while the annual inflation rate amounted to 12.3%, the National Statistics Office of Georgia (Geostat) reports. "With regard to the annual core inflation, the prices increased by 6.3%, while the annual core inflation without tobacco amounted to 6.3%,” Geostat says.