Consumer price inflation in Georgia remained high, at 13.9% y/y in January – at the same level as in December – according to preliminary data revealed by the statistics office Geostat.
With regard to the annual core inflation, prices increased by 5.6% y/y.
The country’s central bank NBG had just maintained at 10.5% the refinancing rate at the beginning of February. The next monetary board meeting is scheduled for the end of March.
In January the Consumer Price Index increased by 1.1% m/m. Food prices (+2.5% m/m) remain the main inflationary driver, with a contribution of 0.84pp to the overall inflation in the month. Housing prices including energy (+2.4% m/m) contributed another 0.24pp.
As regards the annual inflation, food prices (+16.2% y/y) contributed 5.27pp to the overall 13.9% headline inflation, followed by housing prices (+44.8% y/y) contributed another 3.69pp. The price of transport, driven up 16.2% y/y by the fuel prices, contributed 2.08pp.