BAKU, Azerbaijan, June 30. The producer price index of industrial products in Georgia in May 2023 decreased by 5.8 percent compared to May 2022, Trend reports.
According to the National Statistics Service of Georgia, this decrease is due to a drop in prices in the processing industry by 4.8 percent, meanwhile, food prices rose slightly by 0.4 percent, and in the mining industry prices fell by 12.2 percent.
Prices for industrial products decreased by 1 percent in May of this year compared to April. However, prices for industrial products intended for the domestic market of Georgia increased by 0.5 percent in comparison with the same period in 2022.
Moreover, the largest price increases were recorded in the mining industry (4.6 percent) and the processing industry (1.7 percent).
There was a decrease of 17.1 percent in May compared to the same period last year, regarding the producer price index of industrial products intended for export. Prices for mining products fell by 15.6 percent, while for exported products of the processing industry decreased by 16.7 percent.
A particularly significant decrease in prices was registered for chemical products (46.2 percent).
Prices for industrial products imported to Georgia also decreased by 13.2 percent, and imported products of the processing industry fell by 13.4 percent, during the reporting period.
In addition, the annual inflation rate in Georgia in May 2023 was 1.5 percent, while the target was 3 percent. Food prices increased by 3.3 percent over the year. The inflation rate was -0.1 percent in May 2023 compared to April 2023.