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GeoStat Releases August Inflation Report

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The Inflation Report was announced by the National Statistics Office of Georgia, GeoStat. In the month of August, the office explains, the Consumer Price Index (CPI) increased by 0.5% from July, and 3.1% year on year.

Nearly half (44%) of the monthly inflation rate was due to increases in the price of food and non-alcoholic beverages. No other individual category made up more than 3% – the GeoStat report does not clarify what had the remaining effect on inflation.

In the food and non-alcoholic beverage category, the biggest changes were seen for vegetables (16.4%), milk, cheese, and eggs (4.8%), and a decrease in fruit prices (-16.2%) – the report specifically notes grapes, as the season has just begun.

Prices were slightly lower this month for clothing and footwear, dipping 1.1%.

Regarding the inflation rate compared to last August, the sectors with the highest increases were transport (7.8%), health (5.2%), alcoholic beverages and tobacco (4.7%), housing, water, electricity, gas and other fuels (3.4%), and food and non-alcoholic beverages (3.2%).

In the transport sector, increases were mainly due to increases costs for operating a personal vehicle (12.9%), although the cost of purchasing a vehicle decreased by 9.7%.

In the health sector, prices increased for medical products, appliances and equipment (10%), out-patient services (2.9%) and hospital services (2.4%).

Prices for alcoholic beverages have increased 1.4% year-on-year and tobacco a noticeable 8%.

Prices for water supply and miscellaneous home-related increased by 7.7%, and electricity, gas and other fuels went up 3.2%.

In the food and non-alcoholic beverage sector, there was an increase in the price of vegetables (24.7%), oils and fats (4.4%), meat (4.3%), fish (3.3%), and milk, cheese and eggs (2.0%). Meanwhile, prices decreased for fruit (-17.1%) and for sugar, jam, honey, chocolate and confectionary (-3.1%).

The full report, including graphs of inflation change over time, can be found here.

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