Finance
Georgia's Inflation Hits 5.6% in September, With Transport Behind 39% of It
4
Min
Georgia's annual inflation rate stood at 5.6% in September 2026, with core inflation at 3.7%, according to Trend, citing the national statistics office. A separate Trend calculation found that transport prices accounted for approximately 39.3% of the annual inflation rate in September.
Headline inflation is nearly two percentage points above core, which excludes volatile items. That gap suggests the pressure is coming mainly from energy and transport-related prices rather than broad domestic demand.
The central bank context
The National Bank of Georgia raised its refinancing rate by 0.25 percentage points to 8.25% in May, calling the move preventive and citing Middle East tensions, shipping disruptions and rising energy prices, as JAMnews reported. At that time, April inflation was 5.9% against a 3% target. September's 5.6% is lower but remains well above target.
- Annual inflation (September): 5.6%
- Core inflation: 3.7%
- Transport share of annual inflation: about 39.3%
- Refinancing rate: 8.25%, raised in May
- ADB 2026 inflation forecast: 5.2%
Growth is strong, prices are the cost
Georgia's economy is among the fastest growing in the region, with the Asian Development Bank lifting its 2026 growth forecast to 6.3% and putting inflation at 5.2% for the year. Rapid expansion in an import-dependent economy tends to carry price pressure, especially when fuel and freight costs rise.
For households, the transport weighting matters because fuel, vehicle and freight costs feed through to many other goods. For businesses, higher logistics costs squeeze margins for importers and retailers.
Outlook
Borrowers and banks should watch the next monetary policy meetings for signals on whether the 8.25% rate stays in place. If transport prices ease, headline inflation could converge toward core; if they do not, the central bank may keep policy tight for longer, with implications for lari lending and consumer credit demand.
