In July 2023, the Producer Price Index for Industrial Products in Georgia increased by 0.5 percent compared to the previous month, while compared to July 2022 the index decrease amounted to 2.8 percent, according to the National Statistics Office of Georgia (GeoStat).
The prices for products from mining and quarrying decreased by 0.2 percent compared to June 2023, resulting in a -0.02 percentage point contribution to the overall monthly PPI change.
Within the group a noteworthy price decrease was registered for crude petroleum and natural gas
(-17.9 percent). In the same period the prices for manufactured products increased by 0.1 percent,
contributing 0.06 percentage points to the monthly index change. Within the group a noteworthy
price increase was registered for food products (0.7 percent). Besides, the prices increased for
electricity, gas, steam and air conditioning by 4.5 percent, contributing 0.42 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 2.9 percent higher, contributing 0.19
percentage points to the overall annual index change. Within the group the prices were higher for
the subgroup of other mining and quarrying products (17.2 percent);
• Manufactured products: the prices decreased by 3.4 percent, contributing -2.83 percentage
points to the overall annual index decrease. There was a notable decrease in the prices for the
following subgroups: chemicals and chemical products (-23.4 percent) and basic metals (-19.7
percent);
• Electricity, gas, steam and air conditioning: the annual price increase amounted to 0.7 percent,
which contributed 0.01 percentage points to the annual index change;
• Water supply, sewerage, waste management and remediation services: the annual price
decrease amounted to 6.0 percent, which contributed -0.17 percentage points to the annual index
decline.
