Macroeconomic Forecast Georgia

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BMI View: Annual inflation ticked up in April, reaching 6.2% from 4.7% a month earlier, as higher fuel costs are gradually passed onto consumers and bad weather delays the seasonal fall in food prices. We had anticipated a rise in price growth, and retain our forecast of 7.8% for end-year inflation, easing back to 6.4% in 2007. If the bad weather continues this summer, this figure could be even higher, whilst the impact of costlier Russian gas will be felt mainly in the coming