June 2023 | Khachapuri index declines further
30 June 2023

In June 2023, the average cost of cooking one standard portion of Imeretian khachapuri stood at 5.62 GEL. It is now the fourth consecutive month that the Index has maintained a declining trend, where the price of khachapuri fell by 2.4% (compared to May 2023). On an annual basis, the average price is 1.7% higher than in June 2022.

In comparison to June 2022, the price rose for the following khachapuri ingredients: yeast (+13%), milk (+11.9%), butter (+10.7%), and cheese (+2.1%). In terms of the respective decreases, the egg price saw a modest fall (-1.2%), while flour prices declined more significantly (-7.9%). It is worth noting that flour had the highest price increase in 2022 compared to 2021 – largely due to disruptions in supply chains fueled by the war in Ukraine. Nevertheless, it seems that the situation has now relatively stabilized. Furthermore, decreasing international wheat prices might also be contributing to this picture, alongside Russia’s decision to reduce the wheat export tax from the month of June. 

The index, however, lost value in monthly terms. The main contributor to this change was the decrease in the price of cheese, which retains the highest weight in the index, and fell by -3.7% compared to the previous month. All other khachapuri ingredients except yeast, which increased by 2.8%, went down in price compared to the previous month: flour (-1.8%), eggs (-1.2%), milk (-0.9%), and butter (-0.5%).