0.3% Price Increase of Consumer Products in October

According to the National Statistics Office of Georgia, consumer goods and service prices increased by an average of 0.3% in October. The annual inflation costs of the previous 12 months amounted to 2.3%, meaning consumer products are 2.3% more expensive than last year.

Prices in October rose considerably in clothing and footwear (6.3%), transport (0.6%), alcohol and tobacco (0.6%), and healthcare (0.6%).

Over the past year, clothing and footwear grew considerably by 7.1%, whilst transportation service prices increased by 6.5%, healthcare by 6.1%, and alcohol and cigarettes by 5.7%.

The National Bank of Georgia aims for no more than 3% inflation on consumer products from 2018 - 2020. The current rate of inflation would mean they exceed this goal.

By Amy Jones

Photo Source: PWC