The head of the Ministry of Economy of Georgia told how the authorities will deal with rising prices

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The head of the Ministry of Economy of Georgia told how the authorities will deal with rising prices

The head of the Ministry of Economy of Georgia told how the authorities will deal with rising prices

Georgian authorities intend to stabilize prices for medicines and increase competition in the market 01/15/2022, Sputnik Georgia

2022-01-15T20:37+0400

2022-01-15T20:37+0400

2022-01-15T20:37+0400

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TBILISI, Jan 15 – Sputnik. The Georgian government will soon present initiatives to combat high inflation, Minister of Economy and Sustainable Development Natia Turnava told reporters. Annual inflation (December 2021 to December 2020) in Georgia was 13.9%, with a target of 3%. According to her, the authorities intend to allow medicines from Turkey to the pharmaceutical market and develop a plan to attract investors to the country. increased in utilities (43.5%), transport (17.3%), hotels and restaurants (14%) and healthcare (7.9%). In December, food prices rose by 15.6% over the year. Vegetable oil went up the most – 24.5%, vegetables – 20.7%, bread and bakery products – 20.2%, sugar – 19.8%, milk and eggs – 15.3%. According to the National Bank, by the end of the year inflation will remain high. Ceteris paribus, the current forecast assumes a decline in inflation from spring 2022, which, together with the assumption of temporary factors, will be supported by the existing tight monetary policy and fiscal consolidation. However, in the face of strong supply shocks, the threat of rising inflation expectations remains .Subscribe to video news from Georgia on our YouTube channel.

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Georgian authorities intend to stabilize prices for medicines and increase competition in the market

TBILISI, Jan 15 – Sputnik. The Georgian government will soon present initiatives to combat high inflation, Minister of Economy and Sustainable Development Natia Turnava told reporters.

Annual inflation (December 2021 to December 2020) in Georgia was 13.9%, with a target of 3%.

“We have several initiatives, including an initiative to stabilize drug prices and open up competition in the market,” Turnava said.

According to her, the authorities intend to allow medicines from Turkey to the pharmaceutical market and develop a plan to attract investors to the country.

Over the year, prices increased for utilities (43.5%), transport (17.3%), hotels and restaurants (14%) and healthcare (7.9%). In December, food prices rose by 15.6% over the year. Vegetable oil went up the most – 24.5%, vegetables – 20.7%, bread and bakery products – 20.2%, sugar – 19.8%, milk and eggs – 15.3%.

According to the National Bank, inflation will remain high until the end of the year.

Ceteris paribus, the current forecast assumes a decline in inflation from spring 2022, which, together with the assumption of temporary factors, will be supported by the existing tight monetary policy and fiscal consolidation.

However, in the face of strong supply shocks, the threat of rising inflationary expectations remains.

Subscribe to video news from Georgia on our YouTube channel.
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