Price of Foodstuffs Up by 70% in Neighboring Georgia

From the beginning of the year, the cost of food rose in Georgia. As noted by Business Georgia,  food prices increased by 70% primarily affected essential food items: bread, butter, sugar and potatoes.

At the same time, as claimed by expert Lado Papava, even greater inflation in the food sector is expected soon. According to him, this is due to the fact that food reserves have already run out, and there’s a long wait till new crops are harvested.

Recall, recently Georgian President Mikhaeil Saakashvili forewarned the country’s population that it should be ready for high prices and a spike in inflation.

The Georgian leader made the statement at a meeting with MPs while discussing the effects of the global economic crisis.

“The international economic situation is very serious. Oil prices have gone up and may rise even more. So we have no good options: it’s either high prices and a collapsed economy or high prices and again inflation following,” he said.