In May 2024, the Producer Price Index for Industrial Products decreased by 0.2 percent compared to the previous month, while compared to May 2023 the index increase amounted to 6.7 percent, - according to the preliminary data from the National Statistics Office of Georgia (Geostat).
According to the document, the prices for products from mining and quarrying increased by 3.4% compared to April 2024, resulting in a 0.21 percentage point contribution to the overall monthly PPI change.
In the same period the prices for manufactured products increased by 0.1%, contributing 0.11 percentage points to the monthly index change.
Within the group a noteworthy price increases were registered for food products (1.7%) and for basic metals (1.4%). Along with this, the prices decreased for electricity, gas, steam and air conditioning by 5.4%, contributing -0.58 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 23.6% higher, contributing 1.36 percentage points to the overall annual index change. Within the group the prices were higher for the subgroup of metal ores (25.4%);
• Manufactured products: the prices increased by 5.3%, contributing 4.31 percentage points to the overall annual index increase. There was a notable increase in the prices for the following subgroups: food products (9.3%) and beverages (8.1%);
• Electricity, gas, steam and air conditioning: the annual price increase amounted to 9%, which contributed 0.81 percentage points to the annual index change;
• Water supply, sewerage, waste management and remediation services: the annual price increase amounted to 10.2%, which contributed 0.25 percentage points to the annual index growth.
