About Civil.ge
Eng | Geo | Rus
Last updated: 16:59 - 1 Sep.'14
 
RSS
Mobile
Twitter
Facebook
Annual Inflation Down to 10% in June - Geostat
Civil Georgia, Tbilisi / 4 Jul.'11 / 14:28

Georgian state statistics agency said on Monday, that country’s year-on-year rate of inflation fell from 14.3% in May to 10% in June, helped mainly by a month-on-month fall in food prices.

Food prices fell 8.9% in June, leaving the year-on-year increase in food costs at 22.2%, down from 30.7% year-on-year in May, according to Geostat.

The agency said that “significant” month-on-month fall in price was registered on fruits (28.6%); vegetables (26.2%) and sugar (5.7%).

Geostat’s figures do not provide more detailed monthly breakdown, including information on change of price on meat, which has significantly increased in the capital Tbilisi in June. There have been allegations that, although some senior government officials attributed price hike to need of putting EU food safety standards in practice, the price increase was a result of near-monopolistic nature of slaughterhouses business, allegedly patronized by the authorities.

Price on meat increased 26.4% year-on-year in June; fruits – 34.3%; food oil – 29.2%; bread and other wheat-containing products – 23%.

Fuel prices increased 21% y/y and there was 13.1% y/y decrease in prices for communications services in June, according to Geostat.

National Bank of Georgia (NBG) kept refinancing rate at 8% on June 22 for a fourth consecutive month saying that inflation will go down to 8% by the end of year.

NBG also said in late June that annual core inflation, excluding food and fuel prices, “is still low”. “Hence the demand-side inflation risks are low,” the central bank said.

Latest News
01 Sep.'14 16:59
NATO Chief Lays Out Package to 'Bring Georgia Closer' to Alliance
Among the proposals is to establish “defense capacity building mission” and training center in Georgia.
01 Sep.'14 14:41
New Chief of Military Police Appointed
Col. Tsukhishvili was deputy chief of staff of the armed forces in 2009-2013.
01 Sep.'14 10:21
Foreign Minister of Finland to Visit Georgia
Foreign Minister of Finland Erkki Tuomioja will visit Georgia on September 1-2.
31 Aug.'14 13:09
Georgia Seeks Interpol 'Red Notice' for Saakashvili
Saakashvili meets UNM MPs in Turkey, calls for “new initiatives, activities” to prevent Georgia’s “backsliding”
30 Aug.'14 15:13
Border-Crossing Point with Russia, Closed by Landslide, Partly Reopened
Traffic via the border-crossing point will be open for 11 hours a day.
30 Aug.'14 10:18
U.S. Secretary of Defense to Visit Georgia
Georgia is “one of the United States' and NATO's most important and capable partners,” Pentagon said.
29 Aug.'14 22:12
UNM MP Bakradze Questioned by Prosecutors over Undeclared Bank Accounts
“I hope prosecutors received enough information to ascertain that I’ve done nothing illegal,” he said.
29 Aug.'14 15:07
Georgian, French Defense Ministers Meet in Paris
“Our bilateral relations will further deepen and become more comprehensive,” Alasania said.
29 Aug.'14 13:44
July GDP Growth 7.2% - Preliminary Data
Last week Moody's changed the outlook on Georgia's Ba3 sovereign rating to positive from stable.
29 Aug.'14 12:30
PM 'Concerned over Reports of Military Aggression' in Ukraine
“What is happening in Ukraine is completely inadmissible and unacceptable,” Garibashvili said.

About Civil Georgia
Civil.Ge © 2001-2013, Daily News Online
Registered office: 2 Dolidze Str, 4-th Floor.
64