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Georgia's inflation trajectory took a positive turn in 2025, marked by a significant increase compared to the previous year. In July 2026, the annual growth of the consumer prices index accounted to 5.5%. Despite a notable 14.2% increase in transport services prices, several sectors experienced price drops, with telecommunication prices decreasing by 6.3%. Against this backdrop, the central bank, in its most recent decision, held the refinancing rate steady at 8.25%.

In the past, Armenia's position in the region was different regarding price level changes. In July 2026, the annual growth in consumer prices was 4.5%. The highest increase, 8.3%, was recorded in the education service prices, The decline, at 1.2%, was recorded in the transport services. 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 left unchanged at 6.5%.

Inflation has decelerated in Azerbaijan. In July 2026, the consumer prices index growth amounted to 5.8%. In June, inflation was at same rate. 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 July the policy rate unchanged stayed at 6.5%.

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