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Tatia Khidasheli
Salome Gelashvili

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Khachapuri Index
Inspired by the Big Mac Index of the Economist magazine, the ISET Khachapuri index tracks inflation by using the most popular Georgian food, the Khachapuri. As opposed to other inflation indices relying on a complex basket of consumer goods the ISET Khachapuri index uses a basket for calculating inf
lation that includes only those ingredients that are needed to cook one Imeretian khachapuri – flour, cheese, yeast, milk, eggs, and butter. It also includes energy costs – gas and electricity.
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May 18, 2015 Kh-Index | Khachapuri index is lowest in kutaisi, the capital of imereti
18 May 2015

In May 2015, the average cost of cooking one standard portion of Imeretian khachapuri reached 2.88 GEL - a 2.7% decrease month-on-month (compared to April 2015). In annual terms (compared to May 2014), however, the index added 1%.
May 11, 2015 Kh-Index | CPI and khachapuri index diverge
11 May 2015

In April, the average cost of cooking one standard Imeretian khachapuri fell to 2.96 GEL, which is 3.2% lower month-on-month (m/m, that is compared to March 2015), and 11.4% lower year-on-year (y/y, that is compared to April 2014). The main contributors to y/y Khachapuri Index deflation were cheese (down 22.3%) and eggs (2.5%). Not incidentally, both Imeretian cheese and eggs are produced in Georgia.
May 01, 2015 Kh-Index | Where are the kakhetian cows?
01 May 2015

ISET’s Khachapuri Index kept declining in April, very much in line with the multi-year seasonal trend (see chart). The average cost of cooking one standard Imeretian Khachapuri currently stands at 2.96 GEL, which is 3.2% lower month-on-month (m/m, that is compared to March 2015), and 11.4% lower year-on-year (y/y, that is compared to April 2014).
April 24, 2015 Kh-Index | Khachapuri index for foreign currency earners
24 April 2015

The average cost of cooking one standard Imeretian Khachapuri in March 2014 was 3.06 GEL, which is 7% lower month-on-month (m/m, that is compared to the previous month), and 3.1 year-on-year (y/y, that is compared to the same month of last year). For foreign currency earners, Khachapuri became even cheaper due to the depreciation of Georgian currency against USD and Euro.
April 20, 2015 Kh-Index | Khachapuri index feeling the heat of lari depreciation
20 April 2015

If we take a more detailed look at the prices of Kh-Index ingredients (see graph), the main contributors to y/y Khachapuri index deflation in March were cheese (-12%) and eggs (-1%). All other ingredients increased in price: flour (11%), yeast (21%), butter (6%), and milk (12%). As can be easily seen, prices fell y/y for locally-produced goods (eggs and cheese, made of fresh milk); prices went up y/y for goods that are imported (yeast and butter) or use imported intermediate inputs in their production (flour and milk).
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