March 2024 | Beginning of seasonal drop in Khachapuri Index
01 April 2024

In March 2024, the average cost of cooking one standard portion of Imeretian khachapuri stood at 6.40GEL. This latest average price marks a -1.8% decrease compared to March 2023. Additionally, in month-to-month developments, the price of khachapuri decreased by -6.4% compared to the previous month (February 2024).

This March, the prices of certain khachapuri ingredients notably increased on an annual basis: butter (+12.2%), milk (+10.9%), and yeast (+14.9%), while all other ingredients experienced deflation: cheese (-5.7%), eggs (-0.7%), and flour (-0.6%).

In March, the Khachapuri Index experienced an overall loss in value both monthly and yearly. The main contributor to this decline was the price of cheese, which decreased by 10.7% month-to-month and by 5.7% year-on-year. The negative monthly change in the Khachapuri Index follows traditional seasonal trends in fresh milk production. Additionally, the onset of Great Lent on March 18 might have contributed to reduced prices of cheese and milk products, as demand for these foods typically decreases during the Lent period. The yearly decline in the Khachapuri Index, as mentioned above, is primarily caused by a significant drop in cheese prices, which can be attributed to the increasing trend of domestic milk production .

The month-to-month decline in cheese prices, serving as the primary driver of the drop in the Khachapuri Index, was most pronounced in Tbilisi (-15.6%), followed by Batumi (-13.8%) and Kutaisi (-13.3%). In Telavi, cheese prices remained unchanged compared to the previous month. It is anticipated that the Khachapuri Index will continue to decline due to seasonality, as the decrease in cheese prices will likely be transmitted throughout Georgia.