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In December 2017, the AGRIndex sub-indices shifted in the same directions as in November 2017, but the amplitudes of these shifts was reduced. The exception was the price of VEGETABLES, which increased by 12.8% (the highest m/m change since January 2017). On the other hand, FRUIT prices lost just 0.2% of their November value, while MEAT prices gained only 0.2%, and DAIRY prices increased by 3.7% in month-to-month terms.
As far as the y/y change in prices are concerned, the basket of domestically produced agricultural products tracked by the AGRIndex was +11.4% more expensive in December 2017 than in December 2016.
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In December 2017, the Georgian MEAT sub-index increased by only 0.7%, compared to October 2017. Nevertheless, in absolute terms, this is the highest month-to-month change since last April. The main driver of this change was beef prices of similar magnitude, but pork and chicken meat prices also played their roles.
Even more striking were the changes in year-to-year scale; November 2017 domestically produced MEAT was almost 13% more expensive than in November 2016, and this is the record high figure for the AGRIndex. Fresh beef prices have risen by +14.3% in the last 12 months, while fresh mutton prices increased by +10.3% in the same period, pork prices have gained approximately +9.6% of their November 2016 value in the last month, and chicken meat prices increased a bit.
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Compared to the last month, in November 2017, FRUIT prices declined by 4.2%. Nevertheless, the m/m AGRIndex reached +2.5% — the highest value since February 2017. Big share of the gain in the AGRIndex was derived from increased VEGETABLE prices (+9.2%), while DAIRY (+5.5%) and MEAT (+0.7%) prices also “supported” the process.
As far as the y/y change in prices are concerned, basket of domestically produced agriculture products the AGRIndex tracks, was +12.3% more expensive in November 2017 than in November 2016.
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In October 2017, domestically produced VEGETABLE prices increased by 11.3% in month-to-month terms; this is the biggest increase since last January. The price gain compared to the same month in the previous year was a bit larger, and stood at 13.2%. Although in the last month the prices of greens and flowering plants went down by roughly one tenth of their September values, they did not offset the changes caused by the boost in Georgian tomato and potato prices.
In October 2017, compared to September 2017, Georgian tomato prices increased by more than half, while a similar change for potatoes exceeded 5%. As far as the difference between October 2016 and October 2017 prices is concerned, domestically produced tomatoes and potatoes were approximately one quarter more expensive in the last month than they were in October 2016.
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