BAKU, Azerbaijan, June 26. The producer price index (PPI) for industrial products in Georgia rose by 6.7 percent in May 2024 compared to May 2023, says the National Statistics Office of Georgia, TurkicWorld reports.
This increase was mainly driven by a 5.3-percent rise in manufacturing prices, including a 9.3-percent hike in food prices, and a significant 23.6-percent jump in mining prices.
From April through May 2024, industrial product prices decreased by 0.2 percent. For products made for Georgia’s domestic market, prices increased by 5.5 percent in May compared to the same period in 2023.
Mining industry prices rose by 17 percent while manufacturing prices increased by 3.8 percent. The PPI for industrial products intended for export in May was up by 7.5 percent year-on-year, with mining prices soaring by 25.6 percent and exported manufacturing products rising by 5.7 percent, including a 33.9-percent increase in food prices.
Imported industrial product prices rose by 2.3 percent during the reporting period, with imported manufacturing products becoming 5.4 percent more expensive. Georgia's annual inflation rate in May 2024 was 2 percent, below the target rate of 3 percent. From April through May 2024, the inflation rate was 0.4 percent.
