TBILISI, September 2. /TASS/. Georgia's annual inflation in August 2022 came to 10.9%. A month earlier, this figure stood at 11.5%, according to the National Statistics Office of Georgia (Saqstati) published on Friday.

In August, prices for milk, cheese and eggs (7.3%), bread and baked goods (2.7%), coffee, tea and cocoa (1.6%), meat and meat products (1.2%) rose the most in annual terms. Yet, prices for vegetables (-6.6%), fruits and grapes (-11.3%) fell in price.

Year-on-year inflation has been on the rise in Georgia since March 2021. To curb inflation, the country's National Bank began to tighten its monetary policy by raising the refinancing rate to 11% per year.

The National Bank of Georgia expected that by the end of 2022, the inflation rate would backpedal to the target of 3%, but due to the Ukraine crisis, this figure will not be achieved.