In September 2018, the Khachapuri Index showed an upward seasonal trend, reaching 3.56 GEL. This is a 3.7% increase over the previous month (August 2018) but is 2.1% lower compared to September 2017 (y/y). Such an increase in prices at this time of year is not unique to the Khachapuri Index. The index is up due to the seasonal decline in the supply of milk and cheese (the main and most expensive khachapuri ingredient), with the supply of fresh milk falling from its peak of May/June.

The average cost of cooking one standard Imeretian khachapuri increased in all major Georgian cities. The price of khachapuri varied across Georgian cities ranging from 3.50 GEL, the minimum observed in Tbilisi, to 3.64 GEL, the maximum observed in Telavi. The high prices of khachapuri can be easily explained by the fact that it is currently Rtveli (harvest) season in Kakheti. Rtveli celebrations start at the end of August and continue until the middle of October. Over this period, Kakheti is very attractive for tourists.

In the home city of Imeretian cheese (Kutaisi) we observe the highest price increase compared to the previous month (August 2018). It is expected that this price increase will be shortly transmitted to other cities in Georgia.