ISET

According to the Khachapuri Index, year-on-year we have observed a sharp increase (up by 9.1% compared to October 2015) in the price of butter. Typically, the price of butter should follow the price of milk, since the latter is the major ingredient of butter. Interestingly, however, the data collected for Khachapuri Index does not support this trend. Our data showed a 1.1% year-on-year decrease in price of milk. The explanation could be that most milk (and also milk products) that we are monitoring are made of milk powder.

In October 2016, the average cost of cooking one standard portion of Imeretian Khachapuri was 3.39 GEL, which is 6.1% lower year-on-year (compared to the same month of the previous year, October 2015).

Annual deflation, as measured by ISET’s Khachapuri index, is in line with the GeoStat’s Consumer Price Index (CPI); both are following the same trend. CPI in October 2016 decreased by 0.2% relative to October last year (y/y).

In October 2016, the average cost of cooking one standard portion of Imeretian Khachapuri was 3.39 GEL, which is 1% lower month-on-month (compared to September 2016), and 6.1% lower year-on-year (compared to the same month of previous year, October 2015).

October seems to be a time to taste Imeretian Khachapuri in Imereti; the Khachapuri Index reached its lowest value (3.27 GEL) in Kutaisi (it lost 7.2% month-on-month and 5.6% year-on-year). Kutaisi is the cheapest city for Khachapuri lovers in this month of the year, which was observed in 2015 as well. The second cheapest city is Telavi (3.41). Tbilisi (3.42) and Batumi (3.47) are the most expensive locations. The Index is primarily driven by the price of Imeretian cheese (the main ingredient of the Khachapuri Index).

In October 2016, the average cost of cooking one standard portion of Imeretian Khachapuri was 3.39 GEL, which is 1% lower month-on-month (compared to September 2016), and 6.1 % lower year-on-year (compared to October 2015).

The Index is down due to a sharp decline in cheese prices. According to Kh-index, in October 2016, the price of one kg of Imeretian cheese was 7.49 GEL, which is 8.3 % lower than last year’s level (8.17 GEL).

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