The tendency of dropping prices and inflation should continue in the coming months with the inflation rate coming closer to the target 3% in the second quarter of 2023, finance minister Lasha Khutsishvili said on September 26.
In comments on the latest trends, Khutsishvili noted the downward trajectory of inflation over the past two months and the three-month-long trend of decreasing food price index. He tied some of the effect to supply in international markets, adding it would be reflected in the level of prices in the country.
The August inflation data published by the national statistics office of Georgia showed that prices for food and non-alcoholic beverages marked a 0.9% increase, including: milk, cheese and eggs (+7.3%), bread and cereals (+2.7%), coffee, tea and cocoa (+1.6%) and meat (+1.2%).
At the same time, prices decreased for vegetables (-6.6%) and fruit and grapes (-11.3%).
Overall, in August the consumer price index increased by 0.1% MoM, while the annual inflation rate amounted to 10.9%. (Agenda/Business World Magazine)
