GEOSTAT reports annual inflation rate in Georgia at 7.7%
By Nika Gamtsemlidze
Friday, June 4
The National Statistic Office of Georgia published an official report yesterday about the inflation rate in the country. According to GEOSTAT, the Consumer Price Index has increased by 0.7 percent in May 2021 compared to last month. As for the annual rate of inflation, it has amounted to 7.7 percent.
According to the statement of the National Statistics Office of Georgia, the monthly inflation rate in the country was mostly influenced by the price changes in several groups.
One of the groups that heavily influenced the monthly rate in the country is transport. According to GEOSTAT’s information, the prices of transpiration in the country have increased by 2 percent. According to them, it has contracted 0.26 percent to the overall monthly infiltration rate.
The prices for the group of restaurants and hotels have increased 1.4 percent, while furnishings, household equipment, and maintenance increased by 1.7 percent.
As for the annual inflation rate, the GEOSTAT report indicates that the transport prices have increased by 17.4 percent, contributing 2.08 percentage points to the annual inflation rate. As for the housing and utilities, the prices for this group posted an increase of 6.6 percent. Food and non-alcoholic beverage saw an increase of 3.3 percent. As for Health, it was the second biggest contributor and increased by 13.4 percent.
The opposition of Georgia says that the government of the country can’t cope with the economic challenges in the country and say that it is their fault that the inflation is so high.
Saba Buadze, a member of Lelo, suspects that pricing in the oil market is done through interference and restriction of competition. According to him, the competition agency does not work in Georgia properly.
“We have heard the fairy tales from the Central Bank president, saying that they are doing everything for the stabilization of the prices, which is a total lie. Today, there is no family left in the country who did not feel the impact of inflation, except Ivanishvili,” said Buadze.
According to the member of the United National Movement Roman Gotsiridze, the inflation rate impacts people who spent most of their income on food and medication the most. He also said that all of this is the direct result of the economic policies adopted by the Georgian Dream government.
