What has risen in price the most in Georgia in 2021?

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What has risen in price the most in Georgia in 2021?

What has risen in price the most in Georgia in 2021?

The rise in prices for food, utilities, building materials and many other goods in the context of a pandemic is one of the main problems as… 01/14/2022, Sputnik Georgia

2022-01-14T20:21+0400

2022-01-14T20:21+0400

2022-01-14T20:30+0400

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According to the National Statistics Service “Sakstat” (Gruzstat), annual inflation (December 2021 to December 2020) in the country amounted to 13.9%, with a target of 3%. Over the year, prices increased for utilities (43.5%), transport (17.3%), hotels and restaurants (14%) and healthcare (7.9%). In December, food prices rose by 15.6% over the year. Vegetable oil went up the most – 24.5%, vegetables – 20.7%, bread and bakery products – 20.2%, sugar – 19.8%, milk and eggs – 15.3%. According to the forecasts of the National Bank of Georgia, inflation remain above the 3% target under the base case. This is due to Georgia’s high dependence on imported products, lari exchange rate fluctuations and international prices. Pressure on prices will come from increased prices for oil products and transportation, as well as interruptions in the supply chain due to the pandemic. To combat high inflation, the National Bank predicts a relatively long-term maintenance of a tight monetary policy. In the Sputnik Georgia infographic, you will find out which goods and services in 2021 prices have risen the most.Subscribe to video news from Georgia on our YouTube channel

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Rising prices for food, utilities, building materials and many other goods in a pandemic is one of the main problems in both developed and developing countries

According to the National Statistics Service “Sakstat” (Gruzstat), annual inflation (December 2021 to December 2020) in the country amounted to 13.9%, with a target of 3%. Over the year, prices increased for utilities (43.5%), transport (17.3%), hotels and restaurants (14%) and healthcare (7.9%). In December, food prices rose by 15.6% over the year. Vegetable oil went up the most – 24.5%, vegetables – 20.7%, bread and bakery products – 20.2%, sugar – 19.8%, milk and eggs – 15.3%.

According to the forecasts of the National Bank of Georgia, inflation will remain above the target of 3% under the base case. This is due to Georgia’s high dependence on imported products, lari exchange rate fluctuations and international prices. Prices will be under pressure from higher prices for petroleum products and transportation, as well as supply chain disruptions due to the pandemic.

To combat high inflation, the National Bank predicts a relatively long-term preservation of a tight monetary policy.

In the Sputnik Georgia infographic, you will find out which goods and services prices have increased the most in 2021.
Subscribe to video news from Georgia on our YouTube channel
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