The South Caucasus country of Georgia posted another negative annual inflation for the month of January, the country's state statistical agency GeoStat reported on Monday.

Annual inflation for January was minus 1.6 percent, as against minus 1.4 percent in December last year.

Low prices for food and decreased prices for utilities and transportation contributed to the low inflation.

It was the fourth consecutive negative inflation the country registered since October last year.

Georgia recorded several negative annual inflation readings last year, after annual inflation peaked at 14.3 percent in May 2011.

Georgia's central bank, the National Bank of Georgia, in December further cut its key lending rate by 0.25 percentage points to 5.25 percent, the lowest level since May 2010.