The National Bank of Georgia has published the results of its latest inflation expectations survey, pointing to a clear moderation in businesses’ outlook for both prices and wages over the medium term. The findings reflect expectations reported in December 2025 and show a more cautious stance compared to November.
The survey reflected that one-year inflation expectations declined as fewer respondents now anticipate price increases exceeding 6–8% or higher than 8%. Instead, a growing share of participants expect more moderate inflation in the 4–6% range. A similar trend is evident in three-year expectations where forecasts of high inflation have decreased while expectations clustered in the 0–2% and 4–6% ranges have become more common.
Wage expectations also softened. The proportion of respondents expecting wage growth above 10–20% fell while more businesses now foresee wage increases limited to 0–10%, indicating a shift toward more restrained salary planning.
Companies additionally reported lower expected price increases for their own goods and services over the next year, with most forecasts concentrated in the 0–2% and 4–6% ranges. At the same time, the utilization of company resources improved compared to November, suggesting more efficient use of production capacity.
Overall, the survey signals a cooling of inflationary and wage pressures, alongside a focus on operational efficiency. The NBG notes that businesses appear to be preparing for a period of moderate price growth while seeking to optimize resources in a more cautious economic environment.
