03/12/2024
12:40
Economic
According to the data published by the National Statistics Office of Georgia (GEOSTAT), the main influence on the formation of annual inflation was the price changes in food and non-alcoholic beverages.
According to Geostat, prices in this group increased by 3.1%, contributing 1.0 percentage points to the annual inflation rate. Vegetable and garden produce prices rose by 15.5%, coffee, tea, and cocoa became 7.8% more expensive, and sugar, jam, and other sweets increased by 7.0%. Mineral and spring water, non-alcoholic beverages, and natural juices saw a 6.1% rise in prices. Oils and fats increased by 5.0%, fruits and grapes by 3.6%, and fish by 1.3%. The price of bread and bakery products rose by 0.9%, while meat and meat products increased by 0.5%.
At the same time, prices for dairy products, cheese, and eggs decreased by 1.5%. In the "Miscellaneous goods and services" group, prices rose by 6.6%, contributing 0.35 percentage points to the overall index. Personal items saw a 23.4% price increase, while insurance rose by 12.9% and financial services by 4.5%. Personal hygiene products became 3.6% more expensive.
Additionally, in the alcohol and tobacco group, prices increased by 5.1%, contributing 0.34 percentage points to the annual inflation. Alcoholic beverages rose by 7.5%, while tobacco products became 2.1% more expensive. In contrast, in the communications group, prices decreased by 12.9%, which reflected a -0.48 percentage point impact on annual inflation.
The Housing, water, electricity, gas, and other fuels group saw a 3.7% price decline, contributing -0.32 percentage points to the annual inflation rate. Prices fell for subgroups like electricity, gas, and other heating sources (-5.2%) and actual housing rent (-2.7%). However, prices for current maintenance and repair of dwellings increased by 5.8%, as reported by Geostat.
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