"Annual inflation declined in the beginning of 2018 ... and, according to current forecasts, annual inflation will be around the target level," a bank statement said on Wednesday.

Annual consumer prices rose 1.9 percent in November, down from 2.3 percent in October this year and 6.9 percent in November 2017.

In month-on-month terms, prices in Georgia were up 0.7 percent in November after they rose 0.3 percent in October compared with the previous month.

The bank is due to hold its next policy meeting on Jan. 30.