In August 2024, the Producer Price Index for Industrial Products decreased by 0.1% compared to the previous month, while compared to August 2023 the index increase amounted to 8.8%, - according to the preliminary data from the National Statistics office Of Georgia (Geostat).
The prices for products from mining and quarrying decreased by 0.3 percent compared to July 2024, resulting in a -0.02 percentage point contribution to the overall monthly PPI change. In the same period the prices for manufactured products decreased by 0.2 percent, contributing -0.13 percentage points to the monthly index change. Within the group a noteworthy price decrease was registered for food products (-0.5 percent) and for other non-metallic mineral products (-0.7 percent). Besides, the prices increased for electricity, gas, steam and air conditioning by 0.5 percent, contributing 0.05 percentage points to the monthly index change.
The annual PPI rate was mainly affected by price changes for the following products:
• Products from mining and quarrying: the prices were 20.6 percent higher, contributing 1.21 percentage points to the overall annual index change. Within the group the prices were higher for the subgroup of metal ores (23.0 percent);
• Manufactured products: the prices increased by 8.1 percent, contributing 6.55 percentage points to the overall annual index increase. There was a notable increase in the prices for the following subgroups: food products (12.1 percent) and basic metals (10.2 percent);
• Electricity, gas, steam and air conditioning: the annual price increase amounted to 7.2 percent, which contributed 0.79 percentage points to the annual index change;
• Water supply, sewerage, waste management and remediation services: the annual price
increase amounted to 9.6 percent, which contributed 0.23 percentage points to the annual index growth.
