Georgian National Bank reveals inflation rate in country
BAKU, Azerbaijan, May 29
By Tamilla Mammadova – Trend:
In April 2020, the annual inflation rate was 6.9 percent, and compared with March of the current year, prices rose by 0.9 percent in Georgia, Trend reports referring to National Bank of Georgia.
According to the National Bank, in April, the biggest influence on inflation was exerted by the growth of potato prices. The price went up by 22.7 percent compared to the previous month, , and its share in the monthly inflation rate was 0.3 percentage points.
In parallel with the reduction in international oil prices, gasoline in Georgia fell by 10.7 percent (0.4 percentage points in total inflation), the bank said.
In annual terms, food inflation remains high. In April, it amounted to 16.7 percent (5 percentage points in total inflation).
Among foodi products, prices also increased for Imereti cheese, beef, apples and sugar. The total share of these products in the monthly inflation rate was 2.1 percentage points.
In addition, in April 2020 cigarette prices increased by 13 percent compared with the previous year (the share in total inflation was 0.4 percentage points).
The decrease in annual inflation was affected by the reduction in prices for cabbage (-69.8 percent) and gasoline (-6.1 percent). As for core inflation, in April it amounted to 4.1 percent.
In April 2020, prices for short-term, medium-term and durable goods increased by 1.3 percent, 3.1 percent and 4.6 percent, respectively, compared to March.
Prices for services for the reporting period increased by 1 percent.
Compared to the same period in 2019, in April 2020, prices for short-term, medium-term and durable goods increased by 9.6 percent, 3.5 percent and 13.1 percent, respectively. Prices for services increased by 1.4 percent.
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