Inflation rate reduced in August 2006. According to the Department of Statistics the overall level of consumer prices reduced by 0.4 % in August as compared to  July.   “Consumer prices started to go down as the National Bank of Georgia toughened monetary and fiscal policy and prices remained stable at world markets”- said David Amaglobeli, Vice-President of the National Bank of Georgia. According to him, the reduction trend may be maintained by the end of the year. Further tightening of monetary and financial-budgetary policy will promote the reduction of annual inflation in the forthcoming months.   “Moreover, positive symptoms at the world markets related to the prices of the key groups of commodities presumably will continue. It should be specially noted that  the price of crude oil reduced in the last three months (as of September 4, 2006 the price of 1 barrel of oil  ranged within USD 68). In accordance with the situation at the world markets fuel prices are expected to reduce in Georgia too and this will have a significant influence (direct or indirect) on the reduction of consumer price index” - said the Vice - President of the National Bank of Georgia.