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By the end of January, food prices in Tbilisi’s major supermarkets had increased by 7.2% compared to December 2016. Although prices increased m/m, there was a slight decrease in prices y/y. Food prices declined by 5.5% compared to January 2016.
Most of the prices increased when analyzed on a biweekly basis. Pork, coriander and butter experienced the most drastic price increases since the middle of January. Pork prices increased by 29.8%, whereas coriander and butter gained in value by 24.0% and 8.4%, respectively. In contrast, eggplants, cucumbers and tomatoes became cheaper by 20.2%, 8.9%, and 5%, respectively.
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In the first half of January, Georgian retail food prices went up. Compared to mid-December, ISET’s Retail Food Price index experienced a significant 10.1% increase. Prices increased across key food commodities as the result of the holiday-related slump in demand. The Georgian lari depreciation applied additional upward pressure on the GEL prices of imported food products.
IN THE SPOTLIGHT
The largest bi-weekly increases were observed for pork (35%), carrots (35%), and tomatoes (34%). At this time of the year, most fruits and vegetables become more expensive. However, it turns out that “borsch” is not a popular dish during the holidays, as prices dropped for cabbage (20%) and onions (4%). Unlike other fruits, the price of bananas, which became more expensive last month (price of bananas increased by 15% m/m), now decreased by 3%.
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In the first two weeks of December, Georgian retail prices increased. ISET’s Retail Food Price index gained 1.2% m/m (compared to mid-November). Nonetheless, compared to December 2015, the holidays will cost less than n 2016, as we recorded a significant 13% decrease in food prices.
IN THE SPOTLIGHT
Most noteworthy bi-weekly price increases were observed for the following food items: eggplant (14%), beef (8%), and rice (8%). While the weaker Georgian lari was supposed to boost the prices of imported commodities (the Georgian lari has lost value during the last couple of weeks), surprisingly, prices dropped the most for imported apples (18%), imported tomatoes (13%), and cucumber (8%).
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After a temporary increase at the end of October, driven by seasonal fruits and vegetables, in the last two weeks of November, ISET’s Retail Food Price Index decreased by 0.1% m/m (compared to the last week of October) and 12.1% y/y (compared to November 2015). We recorded the biggest drops for bananas (-12%), tomatoes (-12%), and beef (-7%). On the other hand, prices increased most for cabbage (10%), plums (8%), and cucumber (2%).
RETAIL FPI THROUGH TWO YEARS
ISET-PI’s Retail Food Price Index (Retail FPI) was launched in November 2014, in cooperation with Georgia’s largest retail chains, including Carrefour, Goodwill, Fresco and SPAR. While individual retailers’ data is kept confidential, average prices from all stores are combined to form a comprehensive index, as well as price indices for individual products or product categories (e.g., grocery, vegetables, dairy, etc.). The two-year dynamics of Retail FPI looks as follows (previous month=100):
