In December 2023 the Consumer Price Index increased by 0.1 percent compared to the previous month, while the annual inflation rate amounted to 0.4 percent, according to the Georgian Statistic Office.
With regard to the annual core inflation, the prices increased by 2.0 percent, while the annual core inflation without tobacco amounted to 1.9 percent.
“The monthly inflation rate was mainly influenced by price changes for the following groups: Food and non-alcoholic beverages: the prices for the group increased by 0.9 percent, contributing 0.29 percentage points to the overall monthly inflation rate. The prices increased for the following subgroups: vegetables (5.1 percent), fruit and grapes (3.3 percent), milk, cheese and eggs (1.5 percent), bread and cereals (0.6 percent), coffee, tea and cocoa (0.1 percent). At the same time, prices decreased for fish (-2.8 percent), oils and fats (-1.8 percent), meat (-0.2 percent); Clothing and footwear: the prices decreased by 1.1 percent, contributing -0.04 percentage points to the overall monthly inflation rate. Prices were lower for footwear (-5.3 percent); Furnishings, household equipment and maintenance: the prices for the group decreased by 0.9 percent, contributing -0.04 percentage points to the overall monthly inflation rate. The prices decreased for the following subgroups: furniture and furnishings, carpets and other floor coverings (-2.8 percent), goods and services for routine household maintenance (-2.2 percent), household appliances (-0.9 percent). At the same time, prices increased for household textiles (3.0 percent) and glassware, tableware and household utensils (2.7 percent).
The annual inflation rate was mainly influenced by price changes for the following groups: Transport: the prices for the group increased by 5.1 percent, contributing 0.65 percentage points to the overall index. Within the group the prices increased for transport services (7.8 percent), purchase of vehicles (6.0 percent) and operation of personal transport equipment (3.7 percent); Miscellaneous goods and services: the prices for the group increased by 10.1 percent, contributing 0.53 percentage points to the overall index. Within the group, the prices were higher mainly for the following subgroups: financial services n.e.c. (26.3 percent), personal effects n.e.c. (6.1 percent), personal care (5.7 percent); Food and non-alcoholic beverages: the prices for the group decreased by 2.7 percent, contributing -0.92 percentage points to the overall annual inflation rate. The prices decreased for the following subgroups: oils and fats (-19.2 percent), vegetables (-9.8 percent), bread and cereals (-8.0 percent), milk, cheese and eggs (-3.3 percent), sugar, jam, honey, chocolate and confectionery (-3.1 percent). At the same time, the prices increased for the following subgroups: fruit and grapes (17.3 percent), meat (5.6 percent), mineral waters, soft drinks, fruit and vegetable juices (3.3 percent); Health: the prices for the group decreased by 3.8 percent, with the relevant contribution of -0.37 percentage points to the annual inflation rate. Within the group, the prices were lower for medical products, appliances and equipment (-8.9 percent). At the same time, prices increased for outpatient services (5.8 percent) and hospital services (5.6 percent)”, reads the information.
