National Bank says inflation to remain “significantly lower” than 3% in October

The National Bank of Georgia on Wednesday said the consumer price index across the country increased in September by 0.6 percent compared to the previous month, while the annual inflation rate amounted to 0.7 percent, adding that total inflation would remain “significantly lower” than the three percent target rate in October.

The NBG said the biggest impact on the overall price level in September was the 7.6 percent and 5.9 percent increase in gasoline and diesel prices, but the stability of the prices of goods and transportation in the world market, the “solid position” of the exchange rate of the national currency lari and the “strict” monetary policy had ensured low inflation rate in Georgia.

• September inflation: healthcare, transport costs down, housing, goods and services up

Month-on-month, costs of healthcare and transport across Georgia decreased in September and rose for housing, water, electricity, gas and various goods and services, statistics show. 

As for the annual inflation rate, it was mainly influenced by price changes for housing, water, electricity and gas, which increased by 5.1 percent, with the annual inflation in September constituting 0.7 percent.