Indexes
September 30, 2015 FPI | Georgian Food Prices Trending Down
30
September
2015
Food prices in the largest supermarkets of Georgia have been on the decline over the last couple of months. Prices started adjusting downwards in July 2015 and the trend persisted in September. According to ISET Policy Institute’s Retail Food Price Index (Retail FPI) in September 2015, prices were 1% lower compared to August 2015. While not very significant, this drop in prices brings Retail FPI to its lowest point since the Index’s launch in November 2014. In September, the Index was 3% below its November 2014 level.
Many foods experienced a drop in prices from August to September. Grapes lost more than half of their value (down by 59,3%); prices of tomatoes and carrots declined by 25.0% and 15.7% respectively.
In spite of the overall downward trend, prices of some products increased compared to the previous month. Thus, cabbages added 39.6%, followed by peaches, whose price increased by 30.9%, and fresh chicken meat – up by 9.3%. Still, most products decreased in prices, applying downward pressure on Retail FPI.
The Georgian trend in food prices is consistent with the global trends. FAO Food Price Index, tracking monthly changes in international prices of a basket of commodities, registered a sharp fall in August 2015 (down 5.2 % from July), the sharpest monthly drop since December 2008. Although FAO’s results for September are not available yet, global prices are expected to extend their downward trend.
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