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Annual Inflation Will Be Around 8.5% - NBG Governor

6295b988b5598
Natia Taktakishvili
31.05.22 11:00
548
The Governor of the National Bank of Georgia (NBG) declares, the inflation is expected to be 9.5% on an average, while the annual inflation will be around 8.5%. According to Koba Gvenetadze, it is still difficult to make predictions due to the pandemic and the Russian-Ukrainian War.

"Unfortunately, Russia's invasion of Ukraine has reversed the problems brought about by the pandemic. As you know, these are supply chains and high shipping prices. Russia and Ukraine are important suppliers to commodity markets such as wheat, sunflower and agricultural products. The FAO Food Price Index is up by 30% in April, which hit a record high”, said the governor of the National Bank.

As for the monetary policy of the NBG, Gvenetadze declares that the National Bank will maintain a strict monetary policy: "We will maintain it until we see that the expectations for the growth of inflation in the long run are met."