Annual inflation rate by the year’s end is predicted to climb to 10.6%, the highest since 2007, according to the Georgian National Bank’s (NBG) annual Financial Stability Report, released on November 30.
NBG attributed high inflation to external factors, mainly related to increased food prices.
Double-digit annual inflation last time was reported in 2007, when the figure stood at 11%.
Finance Minister, Kakha Baindurashvili, said on November 12 that the government had to revise upwards 2010 forecasted inflation from 6% to 9%.
Annual inflation came in at 9.6% in October (9.8% in September). NBG will release November’s inflation data next week.