The Minister of Economy and Sustainable Development of Georgia Levan Davitashvili said domestic inflation had passed its peak and the country’s authorities had succeeded in stabilizing it at 9.4% at the end of last year, noting he expected a further reduction of prices on basic consumer products and fuel in figures for this month.
"No matter how much we talk about progress and success in terms of the economy, we understand that the social background is quite difficult and high prices are very difficult for virtually all sections of the population. Our concern is that, on the one hand, the population should have an income, but this income should be valuable and not be devalued in conditions of artificially increased prices", Davitashvili said.
Levan Davitashvili stated following the instructions from Prime Minister Irakli Gharibashvili, cabinet members and the Competition Agency had held meetings with oil and food importers as well as representatives of retail networks, and added prices on the products would gradually decrease, particularly noting the expected reduction of fuel prices by GEL0.4 ($0.15) this month.
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