ISET

The cost of cooking one standard Imeretian khachapuri in June 2017 ranged between 2.64 GEL and 3.52 GEL, with the average price being 3.08. The average price in June 2017 is 1.8% lower compared to the previous month (May 2016), and 1.5% higher year-on-year (compared to June 2016).

According to the latest news, under new technical regulations on milk and milk products, starting on July 1, 2017, only cheese that is made of fresh milk can be called “cheese.” This regulation is expected to affect the price of cheese, which is the main driver of Khachapuri index.

In May 2017, the average cost of cooking one standard Imeretian khachapuri declined to 3.14 GEL – a 5.4% decrease month-on-month (compared to April 2017). In annual terms (compared to May 2016), however, the Index gained 8.5%.

Deflation of the index was caused by the sharp seasonal decline in price of Imeretian cheese, which went down last month by 10.1%. The Khachapuri Index reached its lowest value (2.86 GEL) in Kutaisi. The magnitude of the drop in Kutaisi was 28% from February (top) to May (bottom) 2017. It is clear from the graph that the Index fluctuates much more in Kutaisi than in other cities in Georgia.

In May 2017, the price of cooking one standard Imeretian khachapuri continued its normal seasonal decreasing trend and reached 3.14 GEL, which is 5.4% lower month-on-month (compared to April 2017), but 8.5% higher year-on-year (compared to May 2016). The main contributor to the price change was a seasonal decrease in the price of cheese, which fell by -10.1%, compared to the previous month (April 2017).

As shown on the graph, from July to December 2016, the price of cheese was lower compared to the previous year (2015). This trend was explained by the increasing trend of imported milk powder beginning in July 2016. However, this path has been reversed in the period January to May 2017, when the price of cheese is higher compared to same period last year.

In April 2017, the average cost of cooking one standard Imeretian khachapuri decreased to 3.32 GEL, which is 2.5% lower month-on-month (m/m, that is, compared to March 2017), but 4.9% higher year-on-year (y/y, compared to April 2016).

The monthly decline in the price of khachapuri is driven by the seasonal adjustment in the price of milk and cheese. The price of cheese (6.93 GEL) has declined by -5.2% compared to the previous month (March). The prices of other khachapuri ingredients were more stable and changes were very small.

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