According to the National Bank of Georgia, in August, compared to the previous month, the biggest impact on the overall price level was the 115.9% increase in the price of herbs - this increased the month's inflation by 0.4 percentage points (pp). In addition, the 4.2% increase in the price of gasoline had an additional 0.2 pp impact on the monthly inflation.
Based on the monthly overview of the National Bank of Georgia, in August, food prices increased by 2.2% year-on-year, which increased the inflation rate by 0.7 pp.
Vegetables and beef meat, the total contribution of which to the annual inflation rate was 0.9 pp, stand out from the overpriced food, while sunflower oil and bread are worth mentioning from the cheapened food.
"The price reduction of these two products reduced the inflation rate by 1.1 pp in total. In August, widely consumed medicines became cheaper, which reduced the inflation rate by 1.0 pp, while the increased cost of banking services and apartment rental increased the inflation rate by 0.4 pp and 0.2 pp, respectively,” - the National Bank of Georgia notes.
The decrease in the inflation rate was largely caused by the decrease in imported inflation - in August, the annual deflation of imported goods was 5.8%, while the annual inflation of locally produced products - 6.1%.
According to the data published by the National Statistics Office of Georgia (GEOSTAT), in August 2023, compared to the previous month, the inflation level increased by 0.7%, and the annual inflation level in Georgia - to 0.9%.
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