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Georgia predicts 8 percent inflation

Business Materials 19 July 2011 10:54
The National Bank of Georgia predicts an 8 percent inflation rate in 2011, the Bank's President Irakli Kadagidze said prior to a business meeting.

Georgia, Tbilisi, July 19 / Trend N.Kirtzkhalia /

The National Bank of Georgia predicts an 8 percent inflation rate in 2011, the Bank's President Irakli Kadagidze said prior to a business meeting.

Kadagidze said that inflation was 14 percent in 2010 and was directly connected to increasing world market food prices. After the global harvest, prices began to decline even in Georgia.

"All these changes led to the decline in inflation in Georgia. In addition, there have been increases in tourism revenue and exports. We may say that the final macro-economic parameters met our forecasts", he said.

Kadagidze said it is very important that the inflation rate is single-digit today.

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