April 2023 | Khachapuri Index marks its second consecutive monthly decline
01 May 2023

In April 2023, the average cost of cooking one standard portion of Imeretian khachapuri stood at 5.99 GEL. This latest average price is 1.4% higher than in April 2022. Whereas in month-to-month developments, the price of a single khachapuri experienced a significant decline of 8.0% compared to the previous month, March 2023. 

Annual prices increased this April for the following khachapuri ingredients: milk (+14.9%), yeast (+14.5%), butter (+11.1%), eggs (+3.7%), and flour (+1.5%). Meanwhile, cheese, which accounts for a significant portion of the cost of a khachapuri, saw a modest decrease of 1.6% from April 2022.

The index, however, lost its value in monthly terms this April. The main contributor to this change was the decrease in the price of cheese, which fell by -11.6% compared to the previous month. All other khachapuri ingredients also went down in price compared to the prior month: eggs (-4.8%), butter (-2.0%), milk (-1.7%), and flour (-0.7%). This negative monthly change in the Khachapuri Index follows traditional seasonal trends in fresh milk production, which peak in June and July. Additionally, the appreciation of the Georgian lari against the US dollar placed downward pressure on the price of imported ingredients. 

Taking a deeper look at the biggest Georgian cities, the index experienced its largest drop in Kutaisi (-14.3% in April 2023 compared to March 2023). As expected, the lower prices in Kutaisi also transmitted to other cities: prices fell in both Tbilisi and Telavi, losing 13.3% and 5.6%, respectively. Meanwhile, prices remained high in Batumi (increased by 3% compared to March 2023). This is perhaps explained by the influx of tourists to the city during the Easter holidays, which might have driven up the food demand.