November 2021: annual inflation rate at 12.5%
“With regard to annual core inflation, prices increased by 6.1%, while annual core inflation without tobacco also amounted to 6.1%,” Geostat reports. Photo: Nino Alavidze/Agenda.ge.
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The Consumer Price Index in November 2021 grew by 0.6% compared to the previous month, while the annual inflation rate in Georgia stood at 12.5%, the latest inflation data of the National Statistics Office of Georgia (Geostat) show.
With regard to annual core inflation, [excluding food and non-alcoholic beverages, energy, regulated tariffs, transport], prices increased by 6.1%, while annual core inflation without tobacco also amounted to 6.1%,” Geostat reports.
The monthly inflation rate was mainly influenced by price changes in the following groups:
- Food and non-alcoholic beverages (+0.6%)
- Transport (+1.7)
- Furnishings, household equipment and maintenance (+1%)
While the annual inflation rate was mainly influenced by price changes in the following groups:
- Food and non-alcoholic beverages (+17%)
- Transport (+20.2%)
- Housing, water, electricity, gas and other fuels (+11.5%)
Image: Geostat.
Prices in November were higher for the following subgroups:
- Milk, cheese and eggs (+4.4%)
- Bread and cereals (+1.5%)
- Coffee, tea and cocoa (+1.3%)
- Oils and fats (+1%)
However, the prices of vegetables (-5.1%) and fruits (-2.6%) decreased in November.
The head of the National Bank of Georgia (NBG) Koba Gvenetadze said earlier in November that annual inflation in the country will be higher than expected, noting that the NBG projected a reduction in annual inflation to 6% in March, ‘though inflation will not decrease as expected due to the rising prices of oil and wheat.’
Meanwhile, Georgia’s estimated GDP increased in October 2021 compared to the same period last year, and totalled 6.9% year-on-year, while in January-October of 2021 year-on-year growth amounted to 10.5%.
In the third quarter of 2021, the unemployment rate in the country also increased by 2.5% compared to the same period of last year and amounted to 19.5%.
Georgia's estimated GDP increased in October 2021 compared to the same period last year, and totalled 6.9% year-on-year, while in January-October of 2021 year-on-year growth amounted to 10.5%, preliminary data of the National Statistics Office of Georgia (Geostat) show.
The unemployment rate in Georgia has increased by 2.5% in the third quarter of 2021 compared to the same period of last year, amounting to 19.5%, the National Statistics Office of Georgia (Geostat) reports.
The head of the National Bank of Georgia (NBG) Koba Gvenetadze says annual inflation will be higher than earlier expected.
The Consumer Price Index in October 2021 increased by 1.3% compared to the previous month, while the annual inflation rate in Georgia stood at 12.8%, the latest inflation data of the National Statistics Office of Georgia (Geostat) show.
The average monthly salary in Georgia in the third quarter of 2021 has increased by 129 GEL (about $41/€36) compared to the same period last year, totalling 1,368.5 GEL ($441/€392), the latest data of the National Statistics Office of Georgia (Geostat) show.
The inflation rate in Georgia will return to 3% by the end of 2022, Economy Minister Natia Turnava stated earlier today, noting that high inflation is ‘one of the most important issues’ the Georgian population currently faces.
Commercial banks in Georgia loaned 41.40 billion GEL and received deposits of 35.75 billion GEL in November of this year, the National Bank of Georgia (NBG) reports.
The Consumer Price Index in December 2021 grew by 0.3% compared to the previous month, while the annual inflation rate in Georgia stood at 13.9%, the latest inflation data of the National Statistics Office of Georgia (Geostat) show.
The National Bank of Georgia (NBG) has increased the refinancing rate by 0.5 percentage points to 10.5% earlier today at the Monetary Policy Committee (MPC). The NBG states that increased inflation has been one of the main challenges for Georgia in recent years.