November 27 2017 Kh-Index | Khachapuri for foreign currency earners

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27 November 2017

The average cost of cooking one standard Imeretian khachapuri in October 2017 was 3.64 GEL, which is 0.2% higher month-on-month (compared to the previous month), and 7.2% higher year-on-year (compared to the same month of the previous year).

However, for those people whose salaries are denominated in EUR, khachapuri became much cheaper due to the significant depreciation of the lari against the euro. In October 2016, one EUR could be exchanged for 2.60 GEL, whereas one year later, in October 2017, one EUR was worth 3.01 GEL (up by 16%), which means that last year one would need 1.3 EUR to buy one khachapuri, while today, 1.2 EUR is sufficient. As for USD earners, khachapuri became slightly more expensive for them, because the cost of cooking khachapuri increased by more than the national currency depreciated against USD.

Tags: #index, #khachapuri index, #inflation, #prices, #exchange rate, #lari, #depreciation,

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