Georgia

After a brief push into positive terrain in July, Georgian consumer price inflation has fallen back into negative territory, coming in at -0.1% year-on-year in September. Consumer price inflation in the nine months to September has averaged -1.0% a month, placing considerable downside risk to our full-year average forecast of 1.4% inflation. Consumer prices have continued to decline on a year-on-year basis despite the erosion of base effects after the first half of the year. We currently forecast year-end inflation of 3.1%.

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