Georgia’s annual inflation rate stood at 4.3% in March, while consumer prices rose by 0.8% month-on-month, according to data released by the National Statistics Office (Geostat) on April 3. Prices for food and non-alcoholic beverages increased by 0.9% compared to February.
Annual inflation was primarily driven by rising prices in miscellaneous goods and services (9.8%), food and non-alcoholic beverages (7.5%), alcoholic beverages and tobacco (6.2%), and transport (4%). Furnishings, household equipment, and maintenance declined by 3.2%.
Within the food-related category, the sharpest annual price increases were recorded for fish (21.2%), fruit and grapes (13.4%), bread and cereals (9.6%), and meat (9.6%). Prices also rose for oils and fats (7.7%), sugar, jam, honey, chocolate and confectionery (5.3%), vegetables (4.9%), milk, cheese and eggs (4.5%), coffee, tea and cocoa (3.8%), and mineral water, soft drinks, fruit and vegetable juices (2.1%).
The data comes amid the Georgian Dream government’s stated efforts to address high prices on food, medications, and gas. A government commission tasked with addressing the issue is set to operate through April, while a temporary parliamentary group is reviewing the sector, summoning representatives of major retail chains, petroleum companies, and pharmaceutical firms. The State Security Service has also launched an investigation.
On a monthly basis, the largest price increases were observed in transport (2.9%), alcoholic beverages and tobacco (1.4%), and food and non-alcoholic beverages (0.9%). Prices for furnishings, household equipment, and maintenance fell by 0.9%.
Georgia’s annual inflation rate stood at 4.6% in February.
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