In February 2023, the Consumer Price Index decreased by 0.3% compared to the previous month, the annual inflation rate amounted to 8.1%, while the prices on food products increased by 14.0%, reads the report by National Statistics Office of Georgia (Geostat).
With regard to the annual core inflation, the prices increased by 6.5%, while the annual core inflation without tobacco amounted to 6.6%.
The monthly inflation rate was mainly influenced by price changes for the following groups:
Health: the prices for the group decreased by 4.9%, with the relevant contribution of -0.47 percentage points to the monthly inflation rate. Within the group, the prices were lower for medical products, appliances and equipment (-8.1%). At the same time, prices increased for hospital services (1.3 percent);
Transport: the prices for the group decreased by 1.5 percent, contributing -0.19 percentage points
to the overall index. Within the group the prices decreased for the subgroup of operation of personal
transport equipment (-3.7%). At the same time, prices increased for transport services (3.1%)
and purchase of vehicles (1.8%);
Food and non-alcoholic beverages:
The prices for the group increased by 1.2%, contributing 0.37 percentage points to the overall monthly inflation rate.
The prices increased for the following subgroups: Vegetables (10.2%), mineral waters, soft drinks, fruit and vegetable juices (2.8%), fruit and grapes (2.2%), meat (1.5%). At the same time, prices decreased for the subgroup of milk, cheese and eggs (-2.3%).
The annual inflation rate was mainly influenced by price changes for the following groups:
Food and non-alcoholic beverages:
The prices in the group increased by 14.0%, contributing 4.73 percentage points to the overall annual inflation rate.
Within the group the prices increased for the following subgroups: Vegetables (25.8%), bread and cereals (21.0%), milk, cheese and eggs (17.2%), coffee, tea and cocoa (14.5%), mineral waters, soft drinks, fruit and vegetable juices (12.2%), fish (12.1%), meat (10.2%), sugar, jam, honey, chocolate and confectionery (9.8%).
At the same time, prices decreased for the subgroup of fruit and grapes (-0.3%).
Housing, water, electricity, gas and other fuels
The prices for the group posted a 12.4% increase, which contributed 1.3 percentage points to the annual inflation rate.
The prices were higher for the following subgroups: Rentals for housing (38.7%), maintenance and repair of dwellings (7.4%)
Health
The prices decreased by 7.6%, with the relevant contribution of -0.79 percentage points to the annual inflation rate. Within the group, the prices were lower for medical products, appliances and equipment (-19.2%).
At the same time, prices increased for out-patient services (13.8%) and hospital services (8.0%).
