The National Bank of Georgia shared a report that showed inflation continuing to be below target, with the annual rate dropping to 0.6% in the month of September. This decline is attributed to low inflation rates in local production and reduced import inflation.
Below is a breakdown on the inflation points reported by NBG.
Core inflation excluding food, energy and cigarette prices: 0.8%
Monthly price level changes: An increase of 0,3% in comparison to August 2024.
Seasonal impact: A price increase of 0,2% in Imeretian Cheese; a decrease of collectively 0,2% for Apples, Grapes, Cucumbers, and Tomatoes.
Gasoline price: An increase of 7,2% from September 2023 to September 2023. Contribution to inflation of 0,3%
Tariffs: Internet with a 1,7% reduction in tariff and electricity with a 0,3% reduction. Contributing 0,4% and 0,3% respectively to inflation.
Food: overall decrease by 0,8% when compared to September 2023. Contributes with 0,2% towards inflation.
Domestic inflation: is 1,2%. This is largely due a decrease in service inflation of 1,6%.
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