10,2% Inflation Rate Reported

Twelve-month inflation was 10,2% at the end of October 2006, Georgian Finance Minister Lexo Alexishvili told lawmakers on November 21.

He said that the government projects a further decrease of inflation in the remaining two months of 2006, ?hence we expect a one-digit inflation rate by the end of this year.?

According to the International Monetary Fund (IMF), the inflation rate in Georgia was 14,5% by the end of July, which was well above the planned target of 5-6%.

Alexishvili said that the draft 2007 state budget sets the inflation rate at 6%.