Producer price index for industrial products increased in Georgia

Producer price index for industrial products increased in Georgia

The FINANCIAL -- National Statistics Office of Georgia published data of Producer price index for industrial products in Georgia (August 2020). In August 2020 the Producer Price Index for Industrial Products increased by 0.05 percent compared to the previous month, while compared to August 2019 the index growth amounted to 4.9 percent. The prices for manufactured products decreased by 0.4 percent compared to July 2020, resulting in a -0.33 percentage point contribution to the overall monthly PPI change. Within the group noteworthy price decrease was registered for basic metals (-4.9 percent).

In the same period the prices increased for electricity, gas, steam and air conditioning by 3.3 percent, contributing 0.31 percentage points to the monthly index change. The annual PPI rate was mainly affected by price changes for the following products: Manufactured products: the prices increased by 4.7 percent, contributing 3.81 percentage points to the overall annual index growth.

There was a notable increase in the prices for the following subgroups: food products (6.7 percent), beverages (5.0 percent) and other non-metallic mineral products (7.3 percent); Products from mining and quarrying: the prices were 19.6 percent higher, contributing 1.07 percentage points to the overall annual index change. Within the group the prices were higher for metal ores (28.3 percent); Electricity, gas, steam and air conditioning: the annual price increase amounted to 0.4 percent, which contributed 0.03 percentage points on the annual index growth.

In August 2020 the Domestic Producer Price Index for Industrial Products (DPPI) increased by 0.7 percent compared to the previous month. In the mentioned period the prices for electricity, gas, steam and air conditioning were 3.3 percent higher. Compared to August 2019 the DPPI increased by 3.5 percent. The prices went up for manufactured products by 4.9 and for products from electricity, gas, steam and air conditioning by 4.1 percent. In the same period prices for products from mining and quarrying decreased by 4.5 percent.

The following table shows the DPPI for August 2020, compared to the same month of the previous year, as well as the contributions of sub-groups that had a major effect on the index:

The Export Price Index (XPI) decreased by 1.0 percent compared to the previous month. There was a 1.9 percent decrease in the prices for manufactured products. Compared to August 2019 the XPI increased by 7.2 percent. In the mentioned period the prices were higher for manufactured products by 4.7 percent and for products from mining and quarrying by 35.3 percent.

The Import Price Index (MPI) increased by 1.3 percent over the previous month, while compared to August 2019 the index increased by 2.3 percent. Compared to August 2019 the prices were 2.3 percent higher for manufactured products, while for products from mining and quarrying a price increase of 1.8 percent was registered. With regard to electricity, gas, steam and air conditioning, the prices were 2.3 percent higher. The following table shows the MPI for August 2020, compared to the same month of the previous year, as well as the contributions of sub-groups that had a major effect on the index:

Producer Price Index for Transportation and Storage Services decreased by 0.1 percent compared to the previous month. The prices were 0.6 percent lower for air transport services. Moreover, the prices for land transport services and transport services via pipelines increased by 0.03 percent, while for warehousing and support services for transportation by 0.1 percent. Compared to August 2019 the overall index fell by 8.8 percent. Within the group noteworthy price decrease was registered for air transport services (-55.0 percent). Furthermore, the prices increased for land transport services and transport services via pipelines by 2.9 percent and also, for warehousing and support services for transportation by 2.5 percent.

National Statistics Office of Georgia stated that Producer Price Index for Telecommunication Services decreased by 0.03 percent compared to the previous month. The prices were lower mainly for other telecommunications services (-0.5 percent). The overall index increased by 16.0 percent compared to the same month of the previous year. Within the group noteworthy price increase was registered for wireless telecommunications services (34.7 percent). Furthermore, the prices for wired telecommunications services declined by 1.4 percent.

Producer Price Index for Accommodation and Food Services increased by 0.4 percent compared to the previous month. The prices rose for food and beverage serving services and accommodation services by 0.3 percent and 0.5 percent, respectively. The overall index increased by 3.6 percent compared to August 2019. The prices increased for food and beverage serving services by 3.2 percent, while for accommodation services by 4.4 percent.

The following table presents the Producer Price Index for Accommodation and Food Services in August 2020 compared to the same month of the previous year and the relevant contributions of the main subgroups to the change in the overall index.

Last week, the National Statistics Office of Georgia published data of Gross Domestic Product of Georgia (2020 II quarter, preliminary data). In Q2 2020 the nominal GDP amounted to GEL 11 210.0 million. The real Gross Domestic Product (GDP) declined by 12.3 percent YoY, while the GDP deflator increased by 6.3 percent. Read more

Georgian domestic exports are down by 14.7% in Jan-Aug 2020

Author: The FINANCIAL

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