National Bank of Georgia: annual inflation will be higher than expected
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. Photo: National Bank of Georgia.
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The head of the National Bank of Georgia (NBG) Koba Gvenetadze says annual inflation will be higher than earlier expected.
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.
The number of people receiving social assistance in Georgia has reached 633,000 in October 2021, Social Service Agency reports. As of today, 17% of the Georgian population receive social assistance, while the total amount of allowance given to the socially vulnerable exceeded 43 million GEL (about $13.61 m. / €11.79 m.) in October.
The Consumer Price Index in October 2021 increased by 1.3% compared to the previous month, while the annual inflation rate in Georgia stood at 12.8%, the latest inflation data of the National Statistics Office of Georgia (Geostat) show.
In September the consumer price index has increased by 0.2% compared to the previous month, while the annual inflation rate amounted to 12.3%, the National Statistics Office of Georgia (Geostat) reports. "With regard to the annual core inflation, the prices increased by 6.3%, while the annual core inflation without tobacco amounted to 6.3%,” Geostat says.
The consumer price index has increased by 0.7 per cent compared to the previous month, while the annual inflation rate amounted to 12.8 per cent, the National Statistics Office of Georgia (Geostat) reports.
Girchi - More Freedom opposition party members have been selling coffee outside the National Bank of Georgia in USD and cryptocurrency earlier today to protest against the current financial regulations that only recognize Georgian lari (GEL) as legal tender. The party members blame the National Bank for inflation, and say that the organisation is obliged to stabilise the prices in the country.
The Consumer Price Index in November 2021 grew by 0.6% compared to the previous month, while the annual inflation rate in Georgia stood at 12.5%, the latest inflation data of the National Statistics Office of Georgia (Geostat) show.
The inflation rate in Georgia will return to 3% by the end of 2022, Economy Minister Natia Turnava stated earlier today, noting that high inflation is ‘one of the most important issues’ the Georgian population currently faces.
The National Bank of Georgia (NBG) has increased the refinancing rate by 0.5 percentage points to 10.5% earlier today at the Monetary Policy Committee (MPC). The NBG states that increased inflation has been one of the main challenges for Georgia in recent years.
The National Bank of Georgia anticipates an average of nine percent inflation in the country this year, Koba Gvenetadze, the head of the Bank, said on Wednesday.