Bloomberg quoted the statistics office in Tbilisi said Georgia inflation rate slowed in July for a second month as food prices dropped.

The office said consumer prices rose 8.5% in July from a year earlier compared with 10% in June. Prices fell 1.6% in July from the previous month.

The central bank said last month that Georgian inflation will slow to 7.5% by the end of the year after accelerating to 13.9% in the first quarter.

Inflation has exceeded the central bank 6% target for 13 months driven by food prices that comprise more than 40% of Georgia consumer-inflation basket.

(Sourced from Bloomberg)