BAKU, Azerbaijan, Nov. 8
By Maryana Akhmedova – Trend:
Inflation rate in Georgia as of October 2021 reached 12.8 percent year-on-year, and 1.3 month-on-month, Trend reports, citing Galt & Taggart Investment Bank’s review or Georgian economy.
Annual inflation measured by consumer price index (CPI) came in at 12.8 percent in October 2021, after 12.3 percent inflation in September 2021, the report said.
According to Galt & Taggart, the core inflation (non-food, non-energy) was 6.3 percent and core inflation excluding tobacco was also 6.2 percent in October 2021.
The annual inflation was mainly driven by price changes in the following categories:
Food and non-alcoholic beverages (+18.4 percent year-on-year);
Transport (+19.6 percent year-on-year);
Housing, water, electricity, gas and other fuels (+11.9 percent year-on-year);
Health (+8.4 percent year-on-year);
Restaurants and hotels (+11.2 percent year-on-year);
Furnishing, household equipment and maintenance (+11.3 percent year-on-year).
According to the report, there was a 1.3 percent inflation in October 2021 on a monthly basis, reflecting price increase in food and non-alcoholic beverages(+3 percent year-on-year) and clothing and footwear (+9.2 percent year-on-year) categories.
Meanwhile, according to the National Bank of Georgia, foreign exchange reserves increased by 4.8 percent year-on-year in October 2021 – to $4 billion, the report said.
However, foreign exchange reserves decreased by 2.9 percent, or by $117.7 million, on a monthly basis, Galt & Taggart said.
“Changes in reserves were attributed to the government and banking sector foreign exchange operations, and/or asset revaluation,” the report said.
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