The National Statistics Office of Georgia (Geostat) has updated the consumer basket. The consumer basket is used for calculation of the Consumer Price Index (inflation rate in the country), reflecting the structure of consumption of an average consumer in the country. The updated consumer basket for 2017 has been increased and now comprises of 305 items. The weights of the items making part to the consumer basket are also updated.
The consumer basket for 2017 is based on the consumption structure according to the System of National Accounts. The weights of the groups and individual products (services) of the basket are based on the consumption structure of the National Accounts System and the data of the Integrated Household Survey. Weights are updated annually using the latest data from the above-mentioned sources.
Using national accounts data for the consumer basket weights is one of the main recommendations given by Eurostat to the EU member states.
The updated consumer basket reflects the latest consumption pattern of population, thus enhancing reliability of the Consumer Price Index (inflation).