Annual Inflation Goes Up to 14.3%

Annual inflation accelerated to 14.3% in May, after slightly going down to 13.5% in April, the Georgian state statistics office, Geostat, said on June 3.

Prices on food and non-alcoholic beverages increased 30.7% year-on-year in May making its share in total annual inflation 12.6%, according to Geostat.

Prices on fruits increased 93.7% y/y in May; vegetables – 41.3%; food oil – 34.5%; bread and other wheat-containing products – 25.8% and meat – 23.3%.

Fuel prices saw 21.4% increase y/y in May, according to Geostat.

There was 13.1% y/y decrease in prices for communications services in May, according to Geostat.

Georgia’s central bank, which decided to keep its key rate unchanged at 8% on May 25, said that inflation was expected to decrease to about 8% by the end of the year.

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