We started forecasting the annual growth rate at the beginning of 2014 (see our January 2014 and February 2014 publications for a note on methodology). Based on this month’s data, we expect annual growth in 2016 to be 2.0% in the worst-case or “no growth” scenario, and 4.5% in the best-case or “average long-term growth” scenario.

In March 2016, the average cost of cooking one standard Imeretian Khachapuri stood at 3.27GEL, which is 5% lower month-on-month (m/m, that is compared to the previous month), but 6.9% higher year-on-year (y/y, that is compared to the same month of last year).

Retail food prices decreased by 1.3% y/y and 0.2% m/m. Compared to the end of March, the biggest drops in prices happened in the vegetable category: eggplants are down by 11.8%; cucumbers by 11.2%; and cabbage by 5.3%.

Spring is already here. Seeing more sunshine and rains, Georgia’s western provinces are enjoying the sharpest seasonal increases in the supply of fresh milk and dairy products, such as Imeretian cheese. This cheese is the main (and most expensive) component of the Georgian khachapuri, driving the sharp seasonal fluctuations of the Khachapuri Index.

This week, ISET’s Khachapuri Index team checked whether average hourly wages in different Georgian locations cover the cost of one standard portion of Imeretian khachapuri. Using the cost of khachapuri ingredients in four major Georgian cities (Tbilisi, Telavi, Kutaisi, and Batumi) and the latest available data for average monthly wages in the corresponding regions, we calculated that one hour of work would not always suffice to treat you to a portion of delicious Imeretian khachapuri.