Economy Minister expects basic consumer product, fuel prices to decrease in February
Georgian Economy Minister Levan Davitashvili on Tuesday said domestic inflation had passed its peak and the country’s authorities had succeeded in stabilising it at 9.4 percent at the end of last year. Photo: Ministry of Economy
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Georgian Economy Minister Levan Davitashvili on Tuesday said domestic inflation had passed its peak and the country’s authorities had succeeded in stabilising it at 9.4 percent at the end of last year, noting he expected a further reduction of prices on basic consumer products and fuel in figures for this month.
In his interview with the Georgian Public Broadcaster late on Tuesday, Davitashvili said it was important to “ensure a competitive environment” in the country in order to have "adequate” market prices that were “not artificially increased".
No matter how much we talk about progress and success in terms of the economy, we understand that the social background is quite difficult and high prices are very difficult for virtually all sections of the population. Our concern is that, on the one hand, the population should have an income, but this income should be valuable and not be devalued in conditions of artificially increased prices", Davitashvili said.
Davitashvili said following instructions from Prime Minister Irakli Garibashvili, cabinet members and the Competition Agency had held meetings with oil and food importers as well as representatives of retail networks, and added prices on the products would gradually decrease, particularly noting the expected reduction of fuel prices by ₾0.4 ($0.15) this month.
In comments on economic trends, Davitashvili said the high growth rate observed last year had been a result of the Government's "correct economic policy” it had been “conducting for years”.
"We have to get used to becoming a rich country. A rich country will be able to fulfil the tasks it has in social, security, democratic and other directions. For that, of course, the country needs to be economically stronger and for that we need higher economic growth. We should be able to stimulate the economy with various initiatives, and this is exactly what we have in the plan", Davitashvili told the channel.
Georgian Finance Minister Lasha Khutsishvili on Monday said the country’s economy had grown by 10 percent in the first 11 months of 2022, with the rate expected to be maintained in the final figures of the year.
Galt & Taggart, a Georgian-based investment banking and investment management services, has forecast a 5.2 percent average annual inflation in Georgia this year.
Georgian Prime Minister Irakli Garibashvili on Monday told a Government meeting his team had "done everything” to ensure “peace, stability and high economic growth” in the country, while pointing to 2022 economic growth numbers and “historically low” levels of poverty and unemployment in the country.
Georgian Prime Minister Irakli Garibashvili and members of the Government's Economic Council met on Saturday to discuss the double-digit economic growth rate achieved over the past two years in Georgia - 10.5 percent in 2021 and 10.1 percent in 2022, as as result of the Government’s “proper policy”, the Government Administration said.
Five companies involved in the import and sale of fuel in Georgia have been fined ₾4 million ($1.53mln) for violating antitrust legislation by artificially maintaining high prices in the retail market, the Georgian National Competition Agency announced on Friday.
The Georgian Ministry of Economy on Monday dismissed “false” reports by domestic TV channels that said prices on fuel were expected to increase as Russia had stopped providing the country with petrol and diesel at subsidised prices, with oil businesses facing “difficulties”.