January inflation: prices on food, household equipment up in Georgia
Prices for food and non-alcoholic beverages marked a 1.4 percent increase in January. Photo: Nino Alavidze/Agenda.ge
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Prices on food and non-alcoholic beverages, furnishings, household equipment and maintenance increased in Georgia in January month-on-month, while prices for clothing and footwear decreased, the latest inflation data from the National Statistics Office of Georgia shows.
Prices for food and non-alcoholic beverages marked a 1.4 percent increase, including:
- Vegetables (7.6 percent)
- Fruit and grapes (2.6 percent)
- Milk, cheese and eggs (2.5 percent)
- Bread and cereals (1.3 percent)
At the same time, prices decreased for sugar, jam, honey, chocolate and confectionery (-2 percent) and oils and fats (-1.9 percent).
Prices increased by 2.5 percent for furnishings, household equipment and maintenance, including:
- Furniture and furnishings, carpets and other floor coverings (5.3 percent)
- Goods and services for routine household maintenance (4.3 percent)
The Office also said prices for clothing (-2.5 percent) and footwear (-1.6 percent) decreased by 2.3 percent.
Overall, in January the consumer price index increased by 0.8 percent compared to the previous month, while the annual inflation rate amounted to 9.4 percent.
With regard to the annual core inflation, prices increased by 7.7 percent, while the annual core inflation without tobacco amounted to 7.7 percent", Geostat said.
As for annual inflation, prices increased in the group of food and non-alcoholic beverages (+15 percent), housing, water, electricity, gas and other types of fuel (+13.1 percent), and transport (+5.2 percent).
While annual inflation in Georgia has “passed the peak” and is on a downward trend, the country’s National Bank will pursue a “tight monetary policy” throughout the year to “reduce the risk of rising inflationary expectations” in the medium term, the Bank announced on Wednesday.
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.
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 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.
The National Bank of Georgia on Wednesday said even though inflation was “still high” in the country, the trends were following a “downward trajectory”, with the numbers expected to remain below the “target level” in the second half of the year.
The prices of alcoholic beverages, tobacco, clothing and footwear increased month-on-month in Georgia, while prices of furnishings, household equipment and transport maintenance decreased, the latest inflation data published by the National Statistics Office of Georgia on Monday showed.
Prices of certain food products, non-alcoholic beverages and transport decreased month-on-month in Georgia in April, while prices of clothing, footwear and health-related costs increased, the latest inflation data published by the National Statistics Office of Georgia on Wednesday showed.
The National Bank of Georgia on Wednesday announced a “gradual exit” from its tight monetary policy, as it decreased the refinancing rate by 0.5 percent, to 10.50 percent, following a reduction in the domestic inflation rate.