The annual inflation rate in Georgia dropped to 2.4 percent in December of 2020 from 3.8 percent in the previous month. It was the lowest inflation rate since February of 2019, amid a decline in prices of housing & utilities (-21.7 percent vs 1.4 percent in November), due to lower prices of water supply and miscellaneous services relating to the dwelling (-36.5 percent) and electricity, gas and other fuels (-30.1 percent). Also, prices of restaurants & hotels increased less (3.5 percent vs 5.9 percent).Prices continued to increase for both food and non-alcoholic beverages (6.8 percent vs 6.0 percent) and health (9.6 percent vs 8.8 percent). Meanwhile, cost drop further mostly for transport (-2.3 percent vs -5.2 percent) and recreation & culture (-2.8 percent vs -4.2 percent). On a monthly basis, consumer prices fell 1.0 percent, the first monthly decrease since July, after a 0.9 percent growth in the previous month. source: National Bank of Georgia
Inflation Rate in Georgia averaged 7.09 percent from 1996 until 2020, reaching an all time high of 59.31 percent in April of 1996 and a record low of -3.30 percent in May of 2012. This page provides the latest reported value for - Georgia Inflation Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Georgia Inflation Rate - data, historical chart, forecasts and calendar of releases - was last updated on January of 2021.
Inflation Rate in Georgia is expected to be 2.80 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Inflation Rate in Georgia to stand at 3.50 in 12 months time. In the long-term, the Georgia Inflation Rate is projected to trend around 3.50 percent in 2022, according to our econometric models.