The central bank said the 12.8% annual inflation rate of August had exceeded the forecasts, and expects the inflation to remain high for the rest of the year.
It cited “one-off” exogenous factors as the key driver of the high inflation rate, including the “sharply increased prices” of food and oil in the international markets, as well as increased international shipping costs.
Georgia’s central bank estimated that growth in prices of the imported products accelerated to 18.7% year-over-year in August.
The NBG said that while the monetary policy remains tight, it expects inflation to decline “significantly’ from spring 2022.
The Monetary Policy Committee will convene again on October 27.
- Georgia’s Foreign Trade Up 22.2% in January-August
- Q2’21 FDI USD 234.2 Mln, Down by 2.6%
- Annual Inflation Hits 10-Year High at 12.8% in August