November 21, 2023
In October 2023, the Producer Price Index for Industrial Products in Georgia increased by 1.8 percent compared to the previous month, while compared to October 2022, the index decrease amounted to 0.8 percent.
The prices for products from mining and quarrying decreased by 0.5 percent compared to September 2023, resulting in a -0.03 percentage point contribution to the overall monthly PPI change. In the same period, the prices for manufactured products increased by 1.8 percent, contributing 1.44 percentage points to the monthly index change. Within the group, a noteworthy price increase was registered for basic metals (6.0 percent) and for wearing apparel (24.6 percent). Besides, the prices increased for electricity, gas, steam, and air conditioning by 4.2 percent, contributing 0.41 percentage points to the monthly index change.
The annual PPI rate was mainly affected by price changes for the following products:
– Products from mining and quarrying: the prices were 4.7 percent higher, contributing 0.3 percentage points to the overall annual index change. Within the group, the prices were higher for the subgroup of metal ores (4.6 percent).
– Manufactured products: the prices decreased by 1.4 percent, contributing -1.12 percentage points to the overall annual index decrease. There was a notable decrease in the prices for the following subgroups: chemicals and chemical products (-18.9 percent) and basic metals (-13.8 percent).
– Electricity, gas, steam, and air conditioning: the annual price increase amounted to 0.9 percent, which contributed 0.12 percentage points to the annual index change.
– Water supply, sewerage, waste management, and remediation services: the annual price decrease amounted to 4.1 percent, which contributed -0.13 percentage points to the annual index decline.
Source: National Statistics Office of Georgia
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