Wednesday, 04 August 2021 04:17 GMT

Georgia sees increase in consumer price index

(MENAFN - Trend News Agency ) BAKU, Azerbaijan, July 21

Tamilla Mammadova – Trend:

The consumer price index increased by 0.7 percent in June 2021 compared to the previous month in Georgia, Trend reports via the National Statistics Office of Georgia (Geostat).

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

Housing, water, electricity, gas, and other fuels (+2.7 percent);
Recreation and culture (+1.6 percent);
Restaurants and hotels (+1 percent);
Transport (+0.4 percent);
Food and non-alcoholic beverages (+0.2 percent).

The National Bank of Georgia (NBG) said that the contribution from imported food prices to the inflation rate is still high due to rising prices on international agricultural markets and the exchange rate depreciation in previous periods.

"At the same time, rising global oil prices are pushing fuel prices higher and, consequently, increasing their contribution to inflation. In addition, amid rising natural gas tariffs in Tbilisi, the impact of utility fees on the inflation rate is expected to increase further starting from June", said the NBG.

Economic activity meanwhile increased 8.1 percent year-on-year in the first four months of the year and exceeded the 2019 level.


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