The National Bank of Georgia (NBG) has released its July survey on inflation expectations and economic activity, reflecting a slight shift in economic sentiment among market participants.

According to the results, inflation expectations over a three-year horizon declined compared to June. Notably, fewer respondents now anticipate price increases in the 6–8% or above 8% ranges.

Conversely, the proportion of those expecting inflation to fall within the 4–6% range grew, indicating a modest shift toward more moderate inflation forecasts. One-year inflation expectations, however, remained largely stable month-over-month.

Short-term expectations presented a mixed picture: while more respondents foresee price changes in the 6–8% bracket or no change at all, fewer now expect inflation in the 0–2% or above 8% ranges.

Additionally, participants reported a downward revision in their own expectations for price changes in their products and services over the next year, suggesting a broader easing in inflationary outlooks.