Page 20 - GEORptDec21

highest level in 13 years in August.
The central bank stressed that it is keeping the monetary policy stance tight, as increased inflation remains a challenge for Georgia. Noting that consumer prices increased by 12.3% y/y in September, the NBG said it expected inflation to remain high through February 2022.
According to the central bank, the high inflation was mainly a result of one-off factors, such as significant increases in prices of food and oil on international markets. The NBG said the upward pressure on prices was also driven by the rapid growth of international transportation costs.
4.2.2 PPI dynamic
Georgia’s August PPI up 16.8%
Annual PPI for industrial goods was 16.8% in August 2021, up from 16.4% in previous month, according to Geostat. Price changes in manufacturing (+19.5% y/y) and electricity, gas, steam and air conditioning (+11.4% y/y) contributed the most to the overall index change in September.
20 GEORGIA Country Report December 2021 www.intellinews.com