Galt & Taggart: Inflation was 6.5% y/y and 0.2% m/m in May 2020
BM.GE
08.06.20 19:14
• 610
Galt & Taggart published weekly market watch. Annual CPI inflation retreated to 6.5% in May 2020 from 6.9% in April 2020, according to Geostat. Core inflation (non-food, non-energy) was 5.9% in May 2020, while core inflation excluding tobacco was 5.4%. Annual price changes were driven by price increases in food and non-alcoholic beverages (+14.7% y/y, +4.58ppts), furnishings, household equipment & maintenance (+8.3% y/y, +0.50ppts) and healthcare (+6.1% y/y, +0.49ppts) categories. Meanwhile, prices were down in transport (-4.6% y/y, -0.57ppts) and clothing and footwear (-1.4% y/y, -0.06ppts) categories. On a monthly basis, there was 0.2% inflation in May 2020, affected by price increase in restaurants and hotels (+4.3% m/m, +0.22ppts).
International reserves down 3.3% y/y and up 3.4% m/m in May 2020 Gross international reserves decreased by 3.3% y/y to US$ 3.6bn in May 2020 according to NBG. Meanwhile, reserves were up by 3.4% (+US$ 117mn) on a monthly basis,reflecting disbursement of 1st instalment under IMF program.
