Central bank Vice President: inflation to remain “close to target” in mid-2023 in case of “no shocks”
The Consumer Price Index in Georgia increased by 1.1 percent in May 2022 month-on-month, while the annual inflation rate equaled 13.3 percent. Photo: Nino Alavidze/Agenda.ge
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Inflation in the Georgian economy will remain close to the target in the middle of 2023 “if there are no shocks,” Archil Mestvirishvili, the Vice President of the National Bank of Georgia, said on Monday at a meeting of the Sector Economy and Economic Policy Committee in Parliament.
Mestvirishvili noted inflation would be close to the target but added shocks were "impossible to predict now".
The policy of the National Bank is focused on approaching the inflation target. We have every expectation that inflation will return to the target in the middle of next year after the external factors are terminated. Our forecast is based on the current situation," Mestvirishvili said.
The Consumer Price Index in Georgia increased by 1.1 percent in May 2022 month-on-month, while the annual inflation rate equalled 13.3 percent, the National Statistics Office of Georgia announced on June 3.
The agency also revealed prices had increased by 5.9 percent in annual core inflation figures, excluding food and non-alcoholic beverages, energy, regulated tariffs and transport, while the annual core inflation without tobacco amounted to 6.7 percent.
The Consumer Price Index in Georgia increased by 1.1 percent in May 2022 month-on-month, while the annual inflation rate equaled 13.3 percent, the National Statistics Office of Georgia announced on Friday.
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The downward trend of inflation in the Georgian economy will continue in case of absence of further shocks, Archil Mestvirishvili, the Vice President of the National Bank of Georgia, said on Wednesday.