November inflation: prices of food, transportation, housing, water, electricity, gas up in Georgia
Prices for vegetables increased by 15.6 percent in November month-on-month. Photo: Nino Alavidze/agenda.ge
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The prices of food, transportation, housing, water, electricity, gas and other fuels increased in Georgia in November month-on-month, according to the latest inflation data from the National Statistics Office of Georgia.
Prices for food and non-alcoholic beverages marked a 1.5 percent increase, including:
- Vegetables (15.6 percent)
- Milk, cheese and eggs (1.2 percent)
- Fish (one percent)
At the same time, prices decreased for the subgroup of oils and fats (-6.1 percent).
Prices for the group of housing, water, electricity, gas and other fuels increased by 1.7 percent. The prices were higher for actual rentals for housing (3.4 percent).
Geostat said that in the group of transport, the prices decreased by 1.4 percent. Specifically, the prices decreased for operation of personal transport equipment (-2.1 percent).
The following table shows percentage changes in prices for the commodity groups of the consumer basket, as well as the relevant contributions to the overall annual inflation rate in November 2022.
Image: Geostat
Overall, in November 2022 the consumer price index increased by 0.5 percent compared to the previous month, while the annual inflation rate amounted to 10.4 percent.
"With regards to the annual core inflation, the prices increased by 7.1 percent, while the annual core inflation without tobacco also amounted to 7.2 percent", Geostat said.
As for annual inflation, prices increased in the group of food and non-alcoholic beverages (+16.8 percent), housing, water, electricity, gas and other fuels (+15.4 percent) and transport (+ 8.2 percent).
Koba Gvenetadze, the governor of the national bank of Georgia, on Wednesday said the financial institution expected domestic inflation to begin to decline from February and approach the target level in the second half of 2023.
The national bank of Georgia has decided to keep the refinancing rate unchanged at 11 percent following a meeting of its monetary policy committee on Wednesday.
The prices of food and education increased in Georgia in September month-on-month, while the health-related costs and transport prices decreased in the reporting period, according to the latest inflation data from the National Statistics Office of Georgia.
The tendency of dropping prices and inflation should continue in the coming months with the inflation rate coming closer to the target three percent for the second quarter of 2023, Georgian finance minister Lasha Khutsishvili said on Monday.
Prices on food, alcoholic beverages, housing, water, electricity, gas and other types of fuel increased in Georgia in December month-on-month while prices for transportation decreased, the latest inflation data from the National Statistics Office of Georgia shows.
Galt & Taggart, a Georgian-based investment banking and investment management services, has forecast a 5.2 percent average annual inflation in Georgia this year.