March 2023 | Khachapuri Index drops monthly, but remains high annually
03 April 2023

In March 2023, the average cost of cooking one standard portion of Imeretian khachapuri stood at 6.54 GEL. The latest average price is 10.9% higher than in March 2022. Whereas in month-to-month developments, the price of a khachapuri decreased by 5.7% compared to the previous month, February 2023. 

This March, the price of all khachapuri ingredients increased notably on an annual basis: milk (+20.2%), yeast (+15.4%), butter (+14.4%), eggs (+11.4%), cheese (+11.3%), and flour (+3.5%). 

The index lost its value in monthly terms this March. The main contributor to this change was the seasonal decrease in the price of cheese, which fell by -9.9%, compared to the previous month. The negative monthly change in the Khachapuri Index follows traditional seasonal trends in fresh milk production. In addition, Great Lent, which began on 27 February, might have contributed to reduced prices of milk and other dairy products, since the demand for cheese and milk products is typically lower during the Lent period.

Traditionally, these seasonal fluctuations in the price of cheese are consistently sharper in Kutaisi (dropped by -17.1% in March 2023) than elsewhere in Georgia. This might be explained by the fact that Imereti is the largest milk-producing region in Georgia and once the season of milk production commences, prices decline. The lower prices in Kutaisi will most probably be transmitted to other cities in Georgia as well.