Dynamics of price changes in Georgia for July 2023

The price trends that have been taking place in the expanses of Georgia over the past year have been under increased public attention. According to the report of the National Statistics Service "Sakstat", annual inflation in July of this year is estimated at 0.3%, while the officially established target is 3%.

Looking at the statistics, it can be noted that the last time such a low level of annual inflation in Georgia was observed in the distant October of 2016, when inflation indicators barely reached 0.2%.

Analyzing the individual categories that form the consumer price index, it becomes clear that over the past year a significant increase was recorded in the segment of hotels and restaurants (9.7%). Alcoholic beverages, as well as tobacco, whose prices jumped by 6.3%, were not left out. While in the field of transport (-12.1%), healthcare (-6.9%) and communications (-3%), there is a downward trend in prices. Food prices have increased by only 1.2% over the year, which also deserves attention.

The Deputy Finance Minister of Georgia, Mikhail Dondua, did not stay away from the discussion of this dynamic. His statements reflected the confidence that a decrease in the inflation rate, while at the same time a high rate of economic growth, indicates the correct policy of the state. These indicators emphasize the sustainability and competent management of economic processes in Georgia.

Thus, the annual dynamics of price changes in Georgia attracted the attention of analysts and economists, emphasizing the country's significant contribution to managing its economic stability, despite the complexities and variability of the global market.