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In March 2019, the average cost of cooking one standard Imeretian khachapuri declined slightly to 3.51 GEL, which is 0.8% lower MoM (compared to February 2019), and 1.1% lower YoY (compared to March 2018).

Generally, at this time of the year (beginning as early as February), we observe a seasonal reduction in the price of khachapuri, driven by the recurrent decline in the price of milk. According to the Khachapuri Index data, the price of milk and the amount of milk produced declined compared to last month. While the price of cheese, 7.70 GEL per kg in March 2019, is 1.9% less than in February. The price of milk and butter also declined compared to last month, by 0.8% and 1.3%, respectively.

The average cost of cooking one standard Imeretian Khachapuri in the second month of 2019 decreased to 3.54 GEL, 2.2% lower month-on-month (in comparison to the previous month), and 3.5% lower year-on-year (compared to the same month of last year).

The Khachapuri Index is driven primarily by the price of cheese, the main ingredient in khachapuri. In February 2019, the cheese price declined in almost all large Georgian cities, relative to the same month of last year. The highest yearly price decrease (13.5%) of Imeretian cheese was recorded in the capital, Tbilisi. For Khachapuri lovers, Telavi is currently the most expensive city, with Tbilisi taking second place.

The average cost of cooking one standard portion of Imeretian Khachapuri stood at 3.54 GEL in February 2019. This is 2.2% lower MoM (compared to January 2019), and 3.5% lower YoY (in comparison to February of 2018). The index having a downward trend at this time of the year is not unusual, and chiefly relates to the decreasing price of cheese (due to a higher supply of fresh milk).

The price of all khachapuri ingredients, except milk, declined this February (compared to January 2019): cheese went down by 3.4%, flour by 1.0%, eggs 7.4%, yeast 3.2%, and butter decreased by 1.0%. However, the price of milk shifted up slightly by 0.3%. The results from our data are in line with the Georgian dairy figures, although for February 2019, they report an increase of milk prices by 0.9%, compared to the previous month.

In January 2019, the cost of cooking one standard Imeretian khachapuri decreased comparatively both annual and monthly, ranging between 3.56 GEL (Tbilisi) and 3.70 GEL (Kutaisi), with an average cost of 3.62 GEL. The new average price is 2.5% lower than in January 2018. As for the month-to-month development, the price of khachapuri is 3.5% lower compared to the previous month (December 2018).

The main ingredient in khachapuri is Imeretian cheese, and naturally, its price is the main driver behind fluctuations, and thus has recently pushed prices down. However, in January 2019, the price of flour increased by 1.1% month-on-month (compared to December 2018), and by 7.1% year-on-year (compared to January 2018). It is important to note that we only observe the price of high-quality wheat flour within four Georgian cities.

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