The National Bank of Georgia [NBG] has published the July survey of economic activity participants on inflation expectations and economic activity.

According to the NBG, compared to June, inflation expectations for a three-year period decreased in July.

In particular, fewer participants expect price changes in the range of 6 - 8% or above 8%.

At the same time, the share of respondents who expect price changes within 4–6% increased.

Meanwhile, 1-year inflation expectations remained almost unchanged compared to June.

On the one hand, the number of respondents expecting prices to stay the same or rise within 6 - 8% over the next year increased. On the other hand, the share of those expecting price changes between 0 - 2% or above 8% decreased.

The survey also shows that expectations for price changes in respondents’ own products and services over the next year have been revised downward.