Vegetable costs in Georgia have risen by 43% in the last year, oil by 31%, and bread by 19%. According to the Georgian National Statistics Office, inflation in the nation was 12.8% in October compared to the same month last year, a 10-year low. The inflation rate is 1.3% higher than the previous month.
According to Geostat, price changes in the following categories had the greatest impact on the development of annual inflation: food and soft drinks, transportation, water, energy and gas, and healthcare.
In October 2021, prices for products in the food and non-alcoholic beverage group increased by 18.4%. Including:
Vegetables and fruits – prices increased by 43%.
Oil and butter – prices increased by 31.6%.
Bread and bakery products – prices increased by 19.4%.
Milk, cheese, and eggs – prices increased by 18.2%.
Sugar, jam, and other sweets – prices increased by 18%.
Fish – prices are up by 16%.
Mineral and spring water, soft drinks, and natural juices – prices increased by 13%.
Meat and meat products – prices increased by 11.2%.
Fruits and grapes – prices increased by 9.3%.
Coffee, tea, and cocoa – prices increased by 6.4%.
Compared to October last year, electricity, gas, and other types of fuel rose by 13.9%.
According to the Georgian National Statistical Office, Georgia's GDP declined by 6.1% in 2020 because of the epidemic, the largest drop in 26 years.
Due to the worldwide economic crisis and the August conflict, the recession in 2020 was worse than it was in 2008. A pandemic and months of seclusion are the major causes of the recession.
According to Geostat, the most challenging month for Georgia's economy was December 2020, when the nation was totally shut down due to the pandemic rates of infection.
Except for 2009, when the Russian-Georgian conflict caused the GDP to shrink by 3.65%, Georgia's economy has increased every year since 1994. For context, the Georgian economy increased at an annual rate of 4.17% on average from 2014 to 2019.
Georgian wine exports rose from January to August 2021. This year, Georgia shipped 65 million bottles of wine for $145 million to 59 nations across the world. The amount of exported wine climbed by 19% in 2021, compared to the same period the previous year.
