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Georgia's inflation trajectory took a positive turn last year, marked by a significant decrease compared to the previous year. In July 2024, the annual growth of the consumer prices index was a modest 1.8%. Despite a notable 9.4% increase in transport service prices, several sectors experienced price drops, with communication service prices decreasing by 7.6%. These developments prompted the Central Bank to leave the refinance rate at 8%.

Armenia's position in the region is different regarding price level changes. In July 2024, the annual growth in consumer prices was 1.4%. The highest increase, 10%, was recorded in the transport sector, while a 2% decrease in clothes prices was noted. The Central Bank of Armenia also made a significant move by starting to ease its monetary policy last year. The most recent decision saw the refinancing rate reduced to 7.75%.

Inflation has stabilised in Azerbaijan. In July 2024, the consumer prices index growth amounted to 2.7%, compared to 1.1% in June. In previous periods, Azerbaijan was also distinguished by relatively high inflation in the region. Nevertheless, the Central Bank of Azerbaijan refrained from tightening the policy. The decision made in June stayed the policy rate at 7.25%.

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