Indexes
February 02, 2015 Kh-Index | Consumer worries and weak demand bring the khachapuri index down
02
February
2015
The average cost of cooking one standard Imeretian Khachapuri in the first month of 2015 dropped to 3.40 GEL, which is 7.4% lower month-on-month (m/m, that is compared to the previous month), and 5% year-on-year (y/y, that is compared to the same month of last year).
Such a sharp decline of the Kh-Index is related to the record low Georgian consumer sentiment. In January 2015, ISET's Consumer Confidence Index (CCI) reached a new minimum of -25.8 points (down by 3.3 points from December) reflecting four consecutive months of Georgian Lari (GEL) devaluation against the USD (see chart), and a sharp decline in remittances.
At the end of January, the GEL/USD exchange rate stood at 2.06, representing a drop of 17 and 30 tetri, m/m, and y/y, respectively. As a result, Georgian consumers, many of whom carry dollar-denominated loans and mortgages, are extremely concerned about current and expected inflation, as demonstrated by people's responses to ISET's CCI survey.
Remittances from the largest remitting countries Russia, Ukraine, and Greece fell quite dramatically in y/y terms: by 43%, 68%, and 11%, respectively. Representing a large chunk in the incomes of many poor Georgian families, remittances directly affect people's demand for goods and services, keeping the lid on inflation, as measured by the official Consumer Price Index (CPI) and ISET's Khachapuri Index.
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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).
February 2024 | The Khachapuri Index increases by 3.3%
04
March
2024
In February 2024, the average cost of cooking one standard portion of Imeretian khachapuri stood at 6.83 GEL, marking a 3.3% increase compared to the previous month. However, in a year-to-year comparison, the price of khachapuri decreased by 1.5% compared to February 2023.
January 2024 | Khachapuri Index continues its upward trend
29
January
2024
In January 2024, the average monthly cost of preparing one standard portion of Imeretian khachapuri increased, ranging between 6.40 GEL (Batumi) and 7.11 GEL (Tbilisi), with an overall average cost of 6.62 GEL. This recent average indicates a 2% increase compared to the preceding month of December 2023. While examining year-to-year trends, the current price of khachapuri is 4.6% lower than in January 2023.
December 2023 | The Khachapuri Index over the decade
28
December
2023
In December 2023, the average cost of preparing one standard Imeretian khachapuri experienced a slight increase, reaching 6.48 GEL. This signifies a 0.2% rise compared to November 2023 and a noteworthy -7.3% decrease compared to December 2022.
November 2023 | Khachapuri Index increased by 5.5%
27
November
2023
In November 2023, the average cost of preparing a standard portion of Imeretian Khachapuri continued its upward climb, reaching 6.47 GEL. This represents a 5.5% increase from the previous month (October 2023) and a 6.9% decrease compared to the same period last year (November 2022).
