The Consumer Price Index increased by 0.8% in October, 2019 compared to the previous month, while the annual inflation rate amounted to 6.9%, said the Georgian National Statistics Office (Geostat).
For example, prices on fruit and grapes went up by 26.9%, on meat and meat products by 14.7% and on bread and cereals by 11.0%.
In particular monthly prices increased in the following subgroups: Milk, cheese and eggs – 2.7%, Meat – 2.3%, Vegetables – 1.7%, Oils and fats – 1.6%, Fish – 1.4%, Fruit and grapes – 1%.
Monthly prices also increased in the following groups: Clothing and footwear – 5.9%, Recreation and culture – 0.7%, Furnishings, household equipment and maintenance – 0.6%, Education – 0.4%, Housing, water, electricity, gas and other fuels – 0.2%, Communication – 0.1%.
Monthly prices decreased in the following groups: Transport – 0.3%, Health – 0.2%, Restaurants and hotels – 0.1%.
Rising inflation and prices – these are the questions that have been asked to officials. According to the president of the National Bank Koba Gvenetadze, the state will take all measures to solve the problem.
“The recent exchange rate depreciation also reflected on the prices. In response, the central bank monetary tightening began. According to our predictions, equal to inflation by the targeted level above will remain. From the next March it will begin to decrease and in the second half of the year will become closer to the target value”, – said Gvenetadze.
According to Ivane Machavariani, the Minister of Finance, it is desirable to reach the inflation target by spring of next year and then to start improving the situation.