The Producer Inflation in Georgia Is at Its Highest Since 2022; Industrial Producer Price Index Up by 1.2%, Annual Surge Reaches 4.0%

April 19, 2024

PRODUCER PRICE INDEX FOR INDUSTRIAL PRODUCTS IN GEORGIA

MARCH 2024

In March 2024, the Producer Price Index for Industrial Products increased by 1.2 percent compared to the previous month, while compared to March 2023 the index increase amounted to 4.0 percent.

The prices for products from mining and quarrying increased by 7.2 percent compared to February 2024, resulting in a 0.39 percentage point contribution to the overall monthly PPI change. In the same period the prices for manufactured products increased by 1.0 percent, contributing 0.83 percentage points to the monthly index change. Within the group a noteworthy price increase was registered for beverages (0.6 percent) and for basic metals (5.5 percent). Besides, the prices decreased for electricity, gas, steam and air conditioning by 0.1 percent, contributing -0.01 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 9.2 percent higher, contributing 0.55 percentage points to the overall annual index change. Within the group the prices were higher for the subgroup of metal ores (8.5 percent);
• Manufactured products: the prices increased by 2.7 percent, contributing 2.19 percentage points to the overall annual index increase. There was a notable increase in the prices for the following subgroups: food products (5.0 percent) and beverages (6.9 percent);
• Electricity, gas, steam and air conditioning: the annual price increase amounted to 11.1 percent, which contributed 1.16 percentage points to the annual index change;

• Water supply, sewerage, waste management and remediation services: the annual price increase amounted to 5.7 percent, which contributed 0.12 percentage points to the annual index
growth.

Source: National Statistics Office of Georgia
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