Deputy Economy Minister: Georgia “one of the fists countries” to bring inflation below target level

Deputy Economy Minister Vakhtang Tsintsadze on Wednesday said Georgia had managed “not only to maintain a high economic growth rate but also became one of the first countries in the wider region and in Europe” with related indicators over the past year, curbing inflation and bringing the numbers below the target three percent mark.

It should be noted that in December, the price reduction was maintained for many groups of the consumer basket - including food and non-alcoholic beverages and medicines - which is an important benefit for broad sections of the society”, he said.

• December inflation: certain food prices up, clothing, household equipment cost down

The Deputy Minister said the reduction of inflation to the target level was made possible by the “purposeful” and “consistent” economic and monetary policy of the Government and the National Bank.

In 2024, we expect inflation to remain close to the target of three percent. This will also be supported by the decision made by the Georgian National Energy and Water Supply Regulatory Commission to reduce the electricity tariff, which will have a positive impact on the reduction of production costs and competitiveness of the private sector. Our expectation is that the price level will be stable during 2024”, the official said.

The Commission last Thursday decided to reduce electricity tariffs for both household and non-household consumers by ₾0.03 per kWh starting this month.