In June 2023, the Producer Price Index for Industrial Products decreased by 0.3 percent compared to the previous month, while compared to June 2022 the index decrease amounted to 6%, - according to the preliminary data from the National Statistics Office of Georgia (Geostat).
The prices for products from mining and quarrying increased by 2.5 percent compared to May 2023, resulting in a 0.16 percentage point contribution to the overall monthly PPI change. Within the group a noteworthy price increase was registered for metal ores (2.9 percent). In the same period the prices for manufactured products decreased by 0.9 percent, contributing -0.72 percentage points to the monthly index change. Within the group a noteworthy price decrease was registered for basic metals (-8.6 percent).
Besides, the prices increased for electricity, gas, steam and air conditioning by 3.1 percent, contributing 0.27 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 8.1 percent lower, contributing -0.58 percentage points to the overall annual index change. Within the group the prices were lower for the subgroup of metal ores (-13.1 percent);
• Manufactured products: the prices decreased by 5.8 percent, contributing -4.79 percentage points to the overall annual index decrease. There was a notable decrease in the prices for the following subgroups: chemicals and chemical products (-36.0 percent) and basic metals (-22.3 percent);
• Electricity, gas, steam and air conditioning: the annual price decrease amounted to 4.0 percent, which contributed -0.4 percentage points to the annual index change;
• Water supply, sewerage, waste management and remediation services: the annual price decrease amounted to 8.5 percent, which contributed -0.23 percentage points to the annual.
