April 2022: annual inflation rate at 12.8%
The agency also revealed prices had increased by five percent in annual core inflation figures, excluding food and non-alcoholic beverages, energy, regulated tariffs and transport, while the annual core inflation without tobacco totalled 5.7 percent. Photo: Nino Alavidze/Agenda.ge
Tweet 
Share
The Consumer Price Index in Georgia grew by 1.8 percent in April 2022 month-on-month, while the annual inflation rate totalled 12.8 percent, the National Statistics Office of Georgia announced on Tuesday.
The agency also revealed prices had increased by five percent in annual core inflation figures, excluding food and non-alcoholic beverages, energy, regulated tariffs and transport, while the annual core inflation without tobacco totalled 5.7 percent.
The monthly inflation rate was mainly influenced by price changes in the following groups:
- Food and non-alcoholic beverages (+3.3%)
- Transport (+3.7%)
- Clothing and footwear (+4.9%)
As for the annual inflation rate, it was mainly influenced by price changes in the following groups:
- Food and non-alcoholic beverages (+21.3)
- Transport (+22.4%)
- Housing, water, electricity, gas and other fuels (+9.4%)
Image: Geostat
The following subgroups of food and non-alcoholic beverages posted the higher prices in April:
- Vegetables (+9%)
- Oils and fats (+7.4 %)
- Bread and cereals (+4.7%)
- Coffee, tea and cocoa (+4.1%)
- Fish (+3.5%)
- Fruit and grapes (+3.2%)
- Meat (+2.2%)
- Sugar, jam, honey, chocolate and confectionery (+1.8%)
The National Bank of Georgia, which increased the refinancing rate by 0.5 percentage points to 11 percent in late March, said the ongoing hostilities in Ukraine and sanctions imposed against Russia had led to high global inflation, increasing the prices of a number of product categories on world markets.
Georgia’s estimated Gross Domestic Product increased by 10.6 percent in March 2022 compared to the same period last year, while the average real GDP growth for the first quarter of 2022 totalled 14.4 percent.
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).
The estimated real Gross Domestic Product of Georgia increased by 10.6 percent in March 2022 year-on-year, while the average GDP grew by 14.4 percent in the first quarter, the latest data from the National Statistics Office of Georgia shows.
The need for the central banks’ “vigilance” and monetary authorities’ “strong reaction” to a prolonged high inflation were the subjects raised by Koba Gvenetadze, the Head of the National Bank of Georgia, at a conference organised by the Columbia University, the Bank announced on Tuesday.
The National Bank of Georgia anticipates an average of nine percent inflation in the country this year, Koba Gvenetadze, the head of the Bank, said on Wednesday.
The Georgian finance system’s joining of the international sanctions imposed against Russia due to its invasion of Ukraine has been praised by the international regulators, Koba Gvenetadze, the Head of the National Bank of Georgia said on Wednesday.
The National Bank of Georgia is keeping the refinancing rate unchanged at 11 percent following a meeting of its Monetary Policy Committee on Wednesday.
Remittances to Georgia from abroad equalled $308.1 million in April, marking a 58.8 percent increase compared to the same period of last year, the National Bank of Georgia revealed on Monday.