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Food products may get cheaper in Georgia - GDBA

Business Materials 8 June 2021 21:36 (UTC +04:00)

BAKU, Azerbaijan, June 8

By Tamilla Mammadova – Trend:

If lari strengthening is continued, products will get cheaper in September, said President of Georgian Distributors Business Association (GDBA) Iva Chkonia, Trend reports via Georgian media.

As Chkonia notes, stabilization of prices for the first category of products will soon be visible if the trend of GEL strengthening continues.

However, he notes that price reduction for the second and third category products will take more time.

"Confidence in the national currency is quite low. If we evaluate it with Ten-Point Grading Scale, the national currency will get a maximum of 1.5 points. If the trend of lari stabilization continues for three months, even before the elections, then we will see reduced prices, including sugar, flour, or buckwheat. However, the stabilization of prices for the second and third category products will take longer.
If the lari stabilization trend continues, we should expect lower prices in September," said Chkonia.

In May, annual inflation hit a record 7.7 percent in Georgia in recent years.

The highest price increase of 17.4 percent was observed in the transport group due to the fuel price increase.

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