Annual CPI inflation of Georgia increased to 0.9% in August 2023, up from the previous month's 0.3%. Meanwhile, core inflation saw a significant decrease, dropping to 2.5% (-0.6ppts m/m), reads the Monthly Economic Review of Galt & Taggart.
According to the report, "this reduction in inflation can be attributed to reduced imported inflation and a slowdown in domestic inflationary pressures. However, the recent uptick in oil prices on international markets is expected to limit this disinflationary trend."
As a result, the authors of the publication have slightly revised their average annual inflation forecast upwards by 0.3ppts to 2.7% for the full-2023 year and by 0.4ppts to 3.5% for 2024.
