In May 2023 the Consumer Price Index decreased by 0.1 percent compared to the previous month, while the annual inflation rate amounted to 1.5 percent. With regard to the annual core inflation, the prices increased by 4.0 percent, while the annual core inflation without tobacco amounted to 3.9 percent, the Georgian National Statistics Service (GeoStat) reported.

The monthly inflation rate was mainly influenced by price changes for the following groups: Food and non-alcoholic beverages: the prices for the group decreased by 1.7 percent, contributing -0.62 percentage points to the overall monthly inflation rate.

The prices decreased for the following subgroups: milk, cheese and eggs (-5.2 percent), vegetables (-5.0 percent), bread and cereals (-2.3 percent), sugar, jam, honey, chocolate and confectionery (-1.4 percent), oils and fats (-1.0 percent).

At the same time, prices increased for the following subgroups: fruit and grapes (4.0 percent), coffee, tea and cocoa (1.5 percent), fish (1.1 percent), meat (1.0 percent); Alcoholic beverages and tobacco: the prices increased by 1.6 percent, contributing 0.12 percentage points to the overall index. Within the group, the prices were higher for both alcoholic beverages (2.3 percent) and tobacco (0.9 percent); Miscellaneous goods and services: the prices for the group increased by 6.2 percent, contributing 0.34 percentage points to the overall monthly inflation rate. Within the group, the prices were mainly higher for financial services (21.6 percent).