The Khachapuri Index has declined in February, with the average cost of cooking one standard Imeretian khachapuri reaching 3.66 GEL. This is 0.2% lower month-on-month (compared to January 2017), and 6.2% higher year-on-year (compared to February 2016).

The above quote seems to fit the state of affairs in the European Union fairly well, as the EU’s crisis is continuing, getting deeper, and engulfing more actors than when it started. To name a few well-known events and stats: Greece probably had the first meaningful kick-off in the chain of developments when it faced threats to stability in its own financial system at the end of 2009. At that time, an unreported estimated deficit jumped from 7% of GDP to the first 13%, and then stabilized at 15% as the "new normal."

Retail food prices in Tbilisi supermarkets increased by 1.4% m/m (that is, compared to the middle of February) and 3.8% y/y (that is, compared to March of 2016). On a biweekly basis, the biggest price increases happened for eggplants, onions, and rice (price increased by 34.3%, 21.7%, and 19.2%, respectively).

According to the Retail FPI, by the end of February food prices had decreased slightly by 0.01% m/m (that is compared to the end of January), and by 2.6% y/y (that is compared to February 2016). Although overall FPI did not change very much either m/m or y/y, some foods experienced quite notable changes in prices.

On Wednesday, March 1, ISET hosted an 'Information Session' with the Asian Development Bank (ADB) on "What a Career in ADB Entails". Mr. Toshio Oya, the ADB's Director-General of the Budget, Personnel, and Management Systems Department led the session.