March 2022: annual inflation rate at 11.8%
The agency also revealed the annual core inflation, excluding food and non-alcoholic beverages, energy, regulated tariffs, transport prices grew by 5.3 percent, while the figure excluding tobacco totalled 6 percent. Photo: Nino Alavidze/Agenda.ge
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The Consumer Price Index in Georgia increased by 2.5 percent in March month-on-month, while the annual inflation rate equalled 11.8 percent, the National Statistics Office of Georgia (Geostat) announced on Monday.
The agency also revealed the annual core inflation, excluding food and non-alcoholic beverages, energy, regulated tariffs, transport prices grew by 5.3 percent, while the figure excluding tobacco totalled 6 percent.
The monthly inflation rate was mainly influenced by price changes in the following groups:
- Transport (+8.9%)
- Food and non-alcoholic beverages (+2%)
While the annual inflation rate was mainly influenced by price changes in the following groups:
- Food and non-alcoholic beverages (+17.8%)
- Transport (+21.6%)
- Housing, water, electricity, gas and other fuels (+8.4%)
Prices in March were higher for the following subgroups of food and non-alcoholic beverages:
- Sugar, jam, honey, chocolate and confectionery (+6.6%)
- Fruit and grapes (+5%)
- Coffee, tea and cocoa (+4.3%)
- Oils and fats (+3.4%)
- Bread and cereals (+3.1%)
A 4 percent decrease in prices was also reported for vegetables in the month.
The National Bank of Georgia, which increased the refinancing rate by 0.5 percentage points amounting to 11 percent in March, said the “sharp rise” in fuel prices was expected to have a “significant impact” on inflation by translating into higher inflation expectations, adding the trend would begin to decline from March but would remain above the target during the year.
Georgia’s estimated Gross Domestic Product increased in February 2022 by 14.6 percent compared to the same period last year.
The National Bank of Georgia (NBG) has decided to increase the refinancing rate by 0.5 percentage points to 11 percent on Wednesday at its Monetary Policy Committee (MPC).
Georgia’s annual inflation will come down to “single digits” by the end of 2022, Papuna Lezhava, the Vice President of the National Bank of Georgia, said on Monday.
Average monthly earnings in Georgia increased by 149.1 GEL ($46.5/€42) in the fourth quarter of 2021, a 11.3 percent increase compared to the same period of the previous year, and amounted to 1,463.8 GEL ($456.5/€412.7), data from the National Statistics Office of Georgia (Geostat) show.
The estimated real Gross Domestic Product (GDP) of Georgia increased by 14.6 percent in February 2022 year-on-year, while the average real GDP grew by 16.3 percent in January-February, the latest data from the National Statistics Office of Georgia (Geostat) shows.
The Georgian Government has decided to write off the property taxes from the country’s tourism sector businesses, Prime Minister Irakli Garibashvili revealed on Monday.
The trend of price increases in Georgia is mainly caused by supply disruptions and record-high fuel prices, Georgian Economy Minister Levan Davitashvili said on Wednesday, calling the trend a “challenge any Government faces”.
Prices in the Georgian healthcare sector have “risen dramatically” over the last five years, with a 64 percent increase in prices for medication, 35 percent for outpatient services and 31 percent for health insurance, a new study by the Institute for Development of Freedom of Information, a Georgian-based non-governmental organisation, has revealed.
The net asset value of the pension fund in Georgia equals 2.23 billion GEL ($724mln/€664mln), the Pension Agency of Georgia has said in its March 2022 report.