The consumer price index increased by 0.7% MoM in June, the National Statistics Office of Georgia (Geostat) reported.
The monthly inflation rate was mainly influenced by price changes for the following groups: housing, water, electricity, gas, and other fuels (+2.7%), recreation and culture (+1.6%), restaurants and hotels (+1%), transport (+0.4%) and food and non-alcoholic beverages (+0.2%).
The National Bank of Georgia (NBG) said that the contribution from imported food prices to the inflation rate was still high due to rising prices on international agricultural markets and the exchange rate depreciation in previous periods.
“At the same time, rising global oil prices are pushing fuel prices higher and, consequently, increasing their contribution to inflation. In addition, amid rising natural gas tariffs in Tbilisi, the impact of utility fees on the inflation rate is expected to increase further starting from June”, said the NBG.
Economic activity meanwhile increased by 8.1% YoY in the first four months of the year and exceeded the 2019 level. (Trend/Business World Magazine)