If GEL Strengthening Is Continued, Products Will Get Cheaper in September – Iva Chkonia

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08.Jun .2021 13:00

If GEL Strengthening Is Continued, Products Will Get Cheaper in September – Iva Chkonia

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Author:Natia Taktakishvili

If GEL strengthening is continued, products will get cheaper in September, - Iva Chkonia, President of Georgian Distributors Business Association (GDBA) declared. As Chkonia notes, stabilization of prices for the first category of products will soon be visible if the trend of GEL strengthening continues.

However, he notes that price reduction for the second and third category products will take more time.

"Confidence in the national currency is quite low. If we evaluate it with Ten-Point Grading Scale, national currency will get a maximum of 1.5 points.

If the trend of GEL stabilization continues for three months, even before the elections, then we will see reduced prices, including sugar, flour or buckwheat. However, the stabilization of prices for the second and third category products will take longer.

If the GEL stabilization trend continues, we should expect lower prices in September," said Iva Chkonia.

In May, annual inflation hit a record 7.7% in Georgia in recent years.

The highest price increase of 17.4% was observed in the transport group due to the fuel price increase.