The National Bank of Georgia (NBG) said the annual inflation in December amounted to 9.8%, while prices of consumer goods compared to November decreased by 0.3% According to the NBG, the lower inflation rate may be linked to price stability in international markets and the national currency Lari’s recovering value. The average exchange rate of the national currency, the Georgian Lari, versus the USD increased by 2.1% in November 2022, from 2.7858 to 2.7282, while it decreased by 1.7% from 2.7326 to 2.7786. Money transfers in November increased by 151.4% compared with last year, the NBG reported, pointing to USD 315 million in transfers from Russia as the highest. The Bank reported that the number of international visitors in November 2022 increased by 150.5% year-on-year. The number of tourists made up 71.8 percent of the total number of visitors and increased by 97.9% annually. The highest revenue from tourism came from Russia, Turkey, Ukraine, and Armenia.
Inflation rate tends to decrease, NBG says