ISET

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).

In September 2016, the average price of cooking one Imeretian khachapuri stood at 3.43 GEL. Compared to the previous month (August 2016) the Khachapuri Index gained 8.6%. The upward trend in Index at this time of the year is mostly related to the seasonal increase in the price of cheese (due to dwindling supply of fresh milk).

While going up in monthly terms, the Index actually dropped 0.8% compared to the same time of last year (y/y). As shown in the chart, the main contributors to Khachapuri Index annual deflation were eggs (-7%) and cheese (-3%). All other ingredients increased in price: milk (1%), flour (2%), yeast (9%), and butter (17%). Interestingly, prices fell y/y for locally produced goods (eggs and cheese); prices went up for goods that are imported (yeast and butter) or use imported intermediate inputs in their production (flour and milk).

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