
As of August 2023, the Harmonized Index of Consumer Prices (HICP) has decreased by 0.1% compared to the same period of the previous year, and in August 2023 it has increased by 0.6% compared to July.
In annual terms, the HICP is highest in the following categories: education (7.0%), alcoholic beverages, tobacco (5.8%), housing, water, electricity, gas and other types of heating (3.8%) and hotels, cafes and restaurants (3.7%). ).
In annual terms, a 0.2%-increase in the group of food and non-alcoholic beverages was recorded. Various goods and services increased by 9.7%.
The HICP declines in transport, with an 8.7% drop from August to August in this segment, a 7.6% drop in the health care index, and a -2.4% decrease in the telecommunications consumer price harmonization index. A 1.1% decrease was also recorded in the clothing and footwear HICP.
The Harmonized Index of Consumer Prices (HICP) is used mainly by the EU member states and is the most important indicator of price stability.
The calculation of the harmonized index of consumer prices is based on the methodological guidelines and regulations developed by the European Union, the strict observance of which is mandatory for all countries producing this indicator.
According to the National Statistics Office of Georgia (GEOSTAT), the HICP is used mainly by the EU member states and is the most important indicator of price stability. It is based on a single, harmonized methodology, and therefore, the successful implementation of this indicator by Georgia is of great importance in terms of convergence with the EU standards.
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