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Georgia's inflation trajectory took a positive turn in 2024, marked by a significant decrease compared to the previous year. In December 2025, the annual growth of the consumer prices index accounted to 4%. Despite a notable 8.8% increase in food and non-alcoholic beverages prices, several sectors experienced price drops, with telecommunication prices decreasing by 4.7%. These developments prompted the Central Bank to leave the refinance rate at 8%.

In the past, Armenia's position in the region was different regarding price level changes. In December 2025, the annual growth in consumer prices was 3.3%. The highest increase, 8.3%, was recorded in the education sector, while prices decreased by 0.3% in clothing and footwear sector. 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 decreased at 6.5%.

Inflation has decelerated in Azerbaijan. In December 2025, the consumer prices index growth amounted to 5.2%. In November, inflation was at 5.5%. 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 December decreased the policy rate at 6.75%.

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