Inflation dips into single-digits, still above target

Georgian has succeeded in tamping down inflation to single-digits, the prime minister said at a cabinet meeting yesterday.

Annual inflation was reported at 9.8 percent as of the end of July, down from 11.3 percent but still shy of the country’s target of eight percent.

“It’s a very positive trend,” said Prime Minister Lado Gurgenidze, who praised the central bank for its role in bringing down inflation.

In May the National Bank of Georgia announced a tighter monetary policy to bring inflation down to its eight percent target. Inflation was in the low double-digits in the months before that, a rise over the previous year which the central bank chalked up mostly to global pressures on energy and other commodity prices.