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. Last Updated: 07/27/2016

Price Hike Protest

MOSCOW () -- Hundreds of angry Georgians blocked roads in the capital Tbilisi to protest against huge price rises for bread announced by the government in line with International Monetary Fund demands for austerity.

Georgian leader Eduard Shevardnadze apologized to the nation on state television as crowds packed into Tbilisi bakeries Saturday to stock up on bread still sold at old prices.

The government announced on Friday that the price of bread would rise more than 280 times, natural gas more than five-fold and electricity about 11 times.

The price rises are part of package agreed with the IMF to fight soaring inflation.