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Annual Inflation Rate Amounted To 1.5%

02.06.23 12:00

In May 2023 the Consumer Price Index decreased by 0.1 percent compared to the previous month, while the annual inflation rate amounted to 1.5%, - according to the preliminary data from the National Statistics Office of Georgia (Geostat).

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

Food and non-alcoholic beverages: the prices in the group increased by 3.3%, contributing 1.19 percentage points to the overall annual inflation rate. Within the group the prices increased for the following subgroups: meat (9.7%), milk, cheese and eggs (9.3%), mineral waters, soft drinks, fruit and vegetable juices (7.1%), vegetables (6.3%), fish (6%), coffee, tea and cocoa (4.6%), sugar, jam, honey, chocolate and confectionery (2.2%), bread and cereals (1.8%). At the same time, prices decreased for the subgroup of oils and fats (-17.0%) and fruit and grapes (-12.0%);

Miscellaneous goods and services: the prices for the group increased by 18.4%, contributing 0.92 percentage points to the overall index. Within the group, the prices were higher for the following subgroups: financial services (27.9%), personal care (12.5%), other services n.e.c. (92%);

Alcoholic beverages and tobacco: the prices increased by 7.1%, contributing 0.48 percentage points to the overall index. Within the group, the prices were higher for both alcoholic beverages (9.1%) and tobacco (5%);

Transport: the prices for the group decreased by 12.9 percent, contributing -1.64 percentage points to the overall annual index. Within the group the prices decreased for the following subgroups: operation of personal transport equipment (-20.3%), purchase of vehicles (-2%). At the same time, prices increased for transport services (6.4%);

Health: the prices for the group decreased by 7.5%, with the relevant contribution of -0.73 percentage points to the annual inflation rate. Within the group, the prices were lower for medical products, appliances and equipment (-18.1%). At the same time, prices increased for out-patient services (12%) and hospital services (6.7%).
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