July 2020 inflation rate in Georgia

July 2020 inflation rate in Georgia

The FINANCIAL -- National Statistics Office of Georgia published data of inflation rate in Georgia (July 2020). The Consumer Price Index decreased by 0.5 percent compared to the previous month, while the annual inflation rate amounted to 5.7 percent. With regard to the annual core inflation , the prices increased by 6.1 percent, while the annual core inflation without tobacco amounted to 5.8 percent.

The prices of food and non-alcoholic beverages, clothing and footwear have decreased in Georgia month-on-month, according to the latest inflation data from the National Statistics Office of Georgia (Geostat). As for annual inflation, prices increased in the group of food and non-alcoholic beverages (+11.5 per cent), alcoholic beverages and tobacco (+9 per cent), while the prices went down for transport by 9.3 per cent, agenda.ge reported.

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

  • Food and non-alcoholic beverages: the prices in the group decreased by 1.6 percent, contributing -0.51 percentage points to the overall monthly inflation rate. The prices were lower for the following subgroups: fruit and grapes (-11.7 percent), vegetables (-8.2 percent), sugar, jam, honey, chocolate and confectionery (-2.7 percent). Furthermore, the prices increased for coffee, tea and cocoa (2.0 percent);
  • Clothing and footwear: the prices decreased by 4.0 percent, contributing -0.15 percentage points to the overall monthly inflation rate. The prices went down for both clothing (-4.8 percent) and footwear (-2.7 percent);
  • Transport: the prices increased by 1.0 percent, contributing 0.11 percentage points to the overall monthly inflation rate. Within the group the prices increased for purchase of vehicles (1.4 percent) and operation of personal transport equipment (1.4 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 July 2020.

Geostat

The annual inflation rate was mainly influenced by price changes for the following groups:

  • Food and non-alcoholic beverages: the prices in the group increased by 11.5 percent, contributing 3.55 percentage points to the overall annual inflation rate. Within the group the prices increased for the following subgroups: fruit and grapes (32.0 percent), coffee, tea and cocoa (17.4 percent), milk, cheese and eggs (14.6 percent), fish (14.3 percent), oils and fats (12.6 percent), meat (11.5 percent), mineral waters, soft drinks, fruit and vegetable juices (10.2 percent), bread and cereals (9.4 percent) and sugar, jam, honey, chocolate and confectionery (5.1 percent);
  • Alcoholic beverages and tobacco: the prices increased by 9.0 percent, with a relevant contribution of 0.61 percentage points to the overall annual inflation rate. The prices increased for both tobacco (12.7 percent) and alcoholic beverages (5.9 percent);
  • Transport: the prices went down by 9.3 percent, which resulted in a -1.18 percentage point contribution to the overall annual inflation rate. The prices decreased for operation of personal transport equipment (-11.9 percent) and transport services (-7.1).

ANNUAL INFLATION RATE IN GEORGIA (YEAR-ON-YEAR CHANGE)

Geostat

Top trading partners of Georgia (January - June 2020)

Author: The FINANCIAL