In September 2016, the average price of cooking one Imeretian khachapuri stood at 3.43 GEL. Compared to the previous month (August 2016) the Khachapuri Index gained 8.6%. The upward trend in Index at this time of the year is mostly related to the seasonal increase in the price of cheese (due to dwindling supply of fresh milk). While going up in monthly terms, the Index actually dropped 0.8% compared to the same time of last year (y/y). As shown in the chart, the main contributors to Khachapuri Index annual deflation were eggs (-7%) and cheese (-3%). All other ingredients increased in price: milk (1%), flour (2%), yeast (9%), and butter (17%). Interestingly, prices fell y/y for locally produced goods (eggs and cheese); prices went up for goods that are imported (yeast and butter) or use imported intermediate inputs in their production (flour and milk).

In March 2019, the national average cost of cooking one standard Imeretian khachapuri fell to 3.51 GEL, which is 0.8% lower month-over-month (since February 2019), however it is also 1.1% lower year-over-year (in comparison to March 2018). The main contributors to the MoM deflation within the Khachapuri Index were cheese down by 1.9%, milk by 0.8%, and butter by 1.3%.

On Wednesday, January 23, ISET hosted the Governor of the National Bank of Georgia (NBG), Mr. Koba Gvenetadze. Mr. Gvenetadze delivered a profoundly informative lecture about the importance of monetary policies for economic well-being, discussing issues such as the importance of the price stability objective, inflation targeting frameworks (specifically why it is so crucial to avoid both deflation and high inflation), and the efficiency of monetary policy transmission mechanisms under a flexible exchange rate.

The average cost of cooking one standard Imeretian khachapuri in April 2018 across Georgian cities varied, from 2.90 GEL (the lowest price, observed in Kutaisi), to 3.60 GEL (the highest price, observed in Tbilisi). The price difference between Kutaisi and Tbilisi amounted 0.70 GEL, which is one of the highest differentials we have ever observed between these cities.

In January 2018, the average price of cooking one Imeretian khachapuri stood at 3.71 GEL. Compared to the previous year (January 2017), the Khachapuri Index gained 1.3 %. While going up in yearly terms, the Index actually dropped 2.9% compared to the previous month (December 2017).