December 2021: annual inflation rate up to 13.9%

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.

With regard to annual core inflation, [excluding food and non-alcoholic beverages, energy, regulated tariffs, transport], prices increased by 5.9%, while annual core inflation without tobacco also amounted to 6%,” Geostat reports.

• Economy Minister Turnava: inflation will return to 3% by end of 2022

The monthly inflation rate was mainly influenced by price changes in the following groups:

• Food and non-alcoholic beverages (+0.8%)
• Restaurants and hotels (+0.9%)
• Clothing and footwear (-1.4%)

While the annual inflation rate was mainly influenced by price changes in the following groups:

• Food and non-alcoholic beverages (+15.6%)
• Transport (+17.3)
• Housing, water, electricity, gas and other fuels (+43.5%)

Image: Geostat.

Prices in December were higher for the following subgroups:

• Fish (+2.3%)
• Sugar, jam, honey, chocolate and confectionery (+2%)
• Milk, cheese and eggs (+1.9%)
• Vegetables (+1.8)
• Oils and fats (+0.9)

However, the prices of fruits decreased by 0.7% in December.

• November 2021: annual inflation rate at 12.5%

Economy Minister Natia Turnava stated on December 16 that the inflation rate in Georgia will return to 3% by the end of 2022 and noted that high inflation is ‘one of the most important issues’ the Georgian population currently faces.

Meanwhile, Georgia’s estimated GDP increased in November 2021 compared to the same period last year, and totalled 12% year-on-year, while in January-November of 2021 year-on-year growth amounted to 10.7%.