ISET

The cost of cooking one standard portion of khachapuri fell to 3.46 GEL in September 2015, thus departing from the seasonal upward sloping trend. Compared to the previous month (August 2015) the Index declined by 0.9%, however in yearly terms (compared to September 2014, the Index gained 3.2%.
The main reason for the month-on-month decline in Khachapuri Index is very simple: it rose more than expected in August due to exceptionally strong tourism-related demand for Georgia’s traditional delicacies. As the number of tourists sharply declined in September, so did the Khachapuri Index.

In August 2015, the average cost of cooking one standard Imeretian Khachapuri was 3.49 GEL, which is 11.4 % higher month-on-month (m/m, that is compared to the previous month), and 7% higher year-on-year (y/y, that is compared to the same month of last year).

For foreign currency earners Khachapuri became more expensive in m/m terms but cheaper in y/y terms, due to the depreciation of the Georgian currency against USD and Euro that took place in the last 12 months but not between mid-June and the end of July. When expressed in USD, the Khachapuri Index gained 8.4% m/m and lost -19.9% y/y.

In August, the average cost of cooking one standard Imeretian khachapuri jumped to 3.49 GEL, which is 11.4% higher month-on-month (m/m, that is compared to July 2015), and 7% higher year-on-year (y/y, that is compared to August 2014).
The main contributors to y/y Khachapuri Index inflation were cheese (8.6%), eggs (12.8%), milk (11.8%) and yeast (16.3%). Prices of two other ingredients decreased: flour (-2%) and butter (-0.3%).
An official estimate of price inflation, published by GeoStat, also shows that CPI increased both m/m (up 1%) and y/y (5.4%). 

In August 2015, the average cost of cooking one standard Imeretian Khachapuri reached 3.49GEL, which is 11.4% higher month-on-month (compared to July 2015), and 7% higher year-on-year (compared to August 2014). Two factors combined in August to push the Khachapuri index upwards. On the one hand, the Index is up due to a seasonal decline in the supply of cheese – the main (and most expensive) khachapuri ingredient. At the same time, August is the high season for tourism, particularly along the Black Sea coast.

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