Key objective of National Bank of Georgia (NBG) is to maintain stable prices as a main precondition for long-term economic growth and for creating new job places, NBG President Koba Gvenetadze said.
Annual inflation rose and constituted 7.1% in June 2017. According to NBG information, the inflation rose because of single-time factors, namely, increased prices on fuel and tobacco products as a result of raising excise tax and growing prices of oil products on international markets, Koba Gvenetadze said.
“Ratio of these products in inflation index is 2.6% and it is not inflation in its economic content. In the first half of 2017, the economic growth indicators point to huger-than-expected growth, however, influence of the demand party on inflation remains weak, because GDP inclination from potential level still remains negative”, Gvenetadze said.