In January 2023, Producer Price Index for Industrial Products in Georgia increased by 1.0% compared to the previous month

February 27, 2023

PRODUCER PRICE INDEX FOR INDUSTRIAL PRODUCTS IN GEORGIA JANUARY 2023

In January 2023, the Producer Price Index for Industrial Products increased by 1.0 percent compared to the previous month, while compared to January 2022 the index growth amounted to 1.8 percent.

The prices for products from mining and quarrying increased by 1.5 percent compared to December 2022, resulting in a 0.09 percentage point contribution to the overall monthly PPI change. Within the group a noteworthy price increase was registered for metal ores (1.5 percent). In the same period the prices for manufactured products increased by 1.2 percent, contributing 0.96 percentage points to the monthly index change. Within the group a noteworthy price increase was registered for chemicals and chemical products (12.3 percent). Besides, the prices increased for electricity, gas, steam and air conditioning by 0.3 percent, contributing 0.03 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 9.8 percent lower, contributing -0.76 percentage points to the overall annual index change. Within the group the prices were lower for the subgroup of metal ores (-16.8 percent);

• Manufactured products: the prices increased by 3.2 percent, contributing 2.58 percentage points to the overall annual index growth. There was a notable increase in the prices for the
following subgroups: food products (9.8 percent), wearing apparel (24.8 percent) and other nonmetallic mineral products (10.7 percent);

• Electricity, gas, steam and air conditioning: the annual price increase amounted to 1.6 percent, which contributed 0.13 percentage points to the annual index change;

• Water supply, sewerage, waste management and remediation services: the annual price decrease amounted to 6.0 percent, which contributed -0.16 percentage points to the annual index growth.

Source: NATIONAL STATISTICS OFFICE OF GEORGIA
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