National Bank of Georgia: annual inflation will be higher than expected

Georgia Materials 10 November 2021 22:14 (UTC +04:00)

The head of the National Bank of Georgia (NBG) Koba Gvenetadze says annual inflation will be higher than earlier expected, Trend reports citing Agenda.ge.

The annual inflation rate in Georgia stood at 12.8% in October 2021, breaking a 10-year record high, the National Statistics Office of Georgia (Geostat) reports.

Gvenetadze stated that the NBG projected a reduction in annual inflation to 6% in March, though he noted that inflation will not decrease as expected due to rising prices of oil and wheat.

He also stated that rising international prices are affecting inflation.

"For example, oil, which is now about twice as expensive as a year ago, as well as food prices have increased quite a bit,” said Gvenetadze.

The monthly inflation rate was mainly influenced by price changes in the groups of food and non-alcoholic beverages and clothing and footwear.