By the end of September, ISET’s Retail Food Price Index increased by 10.1% y/y (compared to September 2016). On a monthly basis (compared to August 2017), retail food prices slightly decreased, by 0.5%. The largest bi-weekly price changes were recorded for vegetables.

On an annual basis, the biggest price increases occurred for apples (87%), potatoes (46%), and carrots (42%), whereas cucumbers, peaches, and tomatoes, on the contrary, became cheaper by 25%, 20%, and 14%, respectively.

The Georgian Business Confidence Index (BCI)* has decreased slightly, reaching 27.0 index points, which is a -2.0 index point loss over the previous quarter. The third-quarter drop in the BCI was mostly driven by the notable decline of the Expectations Index, which judging from the previous quarter's findings, may be explained by private sector realignment with reality rather than by worsened economic conditions.

By the end of June, food prices have increased by 8.1% y/y (that is, compared to June 2016) and decreased by 0.6% m/m (that is, compared to May 2017). During the last two weeks of the month, the biggest price increases were for milk (3.2%), cheese (2.4%) and garlic (1.9%). Eggplant, tomatoes and peaches, on the contrary, became cheaper by 26.2%, 24.1% and 17.3%, respectively.

In the middle of June, food prices increased by 5.0% on an annual basis (that is, compared to June 2016), but decreased by 0.3% on a monthly basis (that is, compared to May 2017). During the last two weeks, greens, potatoes, and cabbage showed the biggest increase in prices by 29.4%, 23.8%, and 23.3%, respectively. In the meantime, tomato, cucumber and cheese prices dropped by 26.8%, 15.7% and 7.1%, respectively.