Annual inflation hit a record high since June 2017

TBILISI(BPI)- In November 2019,  Georgia’s inflation rate  was 0.9 percent and the annual inflation rate was 7.0 percent, which is a record high since June 2017- the National Statistical Office reports.

In the same period, the inflation rate without tobacco made 0.8 percent compared to the previous month, while consumer price hiked 6.3 percent compared to the same month of last year. Georgia’s core inflation stood at 4.9 percent in November 2019 compared to last November, and the annual core inflation rate without tobacco stood at 3.5 percent.

According to Sakstat, the annual inflation rate was mainly influenced by price changes for the following groups:

Food and non-alcoholic beverages: prices rose 13.4 percent contributing 4.02 percentage points to the overall annual inflation rate. The prices were higher for the following subgroups: fruits and grapes (30.3 percent), vegetables (16.2 percent), milk, cheese and eggs (15.4 percent), fish (14.5 percent), meat and meat products (13.1 percent), bread and bread products (13.1 percent). Sugar, jam and other sweets (11.5 percent), mineral and spring water, non-alcoholic beverages and natural juices (8.2 percent), coffee, tea and cocoa N (3.9 percent), oil and fat (2.8 percent);

Alcoholic beverages and tobacco: the prices increased by 15.4 percent, with a relevant contribution of 1.03 percentage points to the overall annual CPI growth. The prices were higher for tobacco (29.9 percent) and for alcoholic beverages (3.4 percent);

Recreation and culture: the prices rose by 7.0 percent, contributing 0.4 percentage points to the overall annual inflation rate. The prices in the group increased for recreational and cultural services (11.6 percent);

Transport: the prices increased by 3.1 percent, which resulted in a 0.37 percentage point contribution to the overall annual inflation rate.

The prices were higher for purchase of vehicles (8.1 percent), operation of personal transport equipment (2.6 percent) and transport services (3.0 percent);

Restaurants and hotels: the prices went up by 7.4 percent, contributing 0.32 percentage points to the overall annual inflation rate. The prices in the group increased for catering services (8.4 percent).

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