AGRIndex

Details: Created: 11 September 2017

Source: The Ministry of Agriculture of Georgia

According to the AGRIndex, VEGETABLE (-1.0%) prices continued their m/m declining trend in August 2017, while FRUIT (+2.3%) prices increased for the first time since last April. On the other hand, MEAT (+0.5%) prices stayed practically unchanged. DAIRY (+8.5%) prices were significantly up due to the end of the active lactation season in Georgia.

In general, in August 2017, the overall AGRIndex increased by a moderate +1.7% in m/m terms, while in y/y terms it rose significantly — agricultural products’ prices were 10% higher in August 2017 than in August 2016.

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Details: Created: 24 July 2017

According to the AGRIndex, VEGETABLE (-13.63%) and FRUIT (-4.56%) prices continued their declining trend in July 2017, and MEAT (+0.37%) prices increased marginally. On the other hand, the increase in DAIRY (+7.73%) prices was significant partially due to the end of an active lactation season in Georgia.

In general, in July 2017, the overall AGRIndex decreased by -0.61% in m/m terms, while in y/y terms it rose significantly by +10.81%.

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Details: Created: 10 July 2017

According to the AGRIndex, there was virtually no change in MEAT and FRUIT prices in June 2017, as their m/m change did not exceed ±0.10%. Despite this, the overall AGRIndex decreased by -3.04% in m/m terms, with all of the change derived from a drop in VEGETABLE prices (-19.25%). As for DAIRY prices (+0.57%), they followed the pattern of the last two years, and started to gain value in June after spring reductions.

Graph #1 depicts m/m changes in AGRIndex and its sub-indices: FRUIT, MEAT, DAIRY, and VEGETABLE

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Details: Created: 26 June 2017

In May 2017, locally produced vegetable prices continued their spring trend and decreased month-to-month by -8.1%, but salad-lovers are still worse-off this year than they were in the same period last year. Starting from a modest +2.6% increase in year-to-year prices in January 2017, the same figure for May 2017 exceeded 30% (see chart).

Changes in vegetable prices are mostly explained by the supply side of the market. In 2016, according GeoStat’s data, only 142,000 tons (the lowest figure in this decade, versus 152,000 tons in 2015 and 154,000 tons in 2014) of vegetables were produced in the country, while exports of vegetables from Georgia started to increase.

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AGRIndex Methodology

The AGRIndex tracks the retail price dynamics of more than 100 primary agricultural products (plus some dairy products) and emphasizes on domestic production. The index is a combination of four sub-indices (Vegetable Price Index, Fruit Price Index, Dairy Price Index, and Meat Price Index) that utilize the data provided by the Ministry of Agriculture of Georgia. Prices are collected regularly in local bazaars and markets from up to 60 different municipalities across the country, but exclude all Abkhazia and self-governing cities. The Index calculation methodology is similar to the Consumer Price Index (CPI) calculation methodology employed by GeoStat, while the basket and the shares of particular products within the basket rest on the Integrated Household Survey Databases, also provided by the GeoStat.

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