ISET’s Khachapuri Index kept declining in April, very much in line with the multi-year seasonal trend (see chart). The average cost of cooking one standard Imeretian Khachapuri currently stands at 2.96 GEL, which is 3.2% lower month-on-month (m/m, that is compared to March 2015), and 11.4% lower year-on-year (y/y, that is compared to April 2014).

The average cost of cooking one standard Imeretian Khachapuri in March 2014 was 3.06 GEL, which is 7% lower month-on-month (m/m, that is compared to the previous month), and 3.1 year-on-year (y/y, that is compared to the same month of last year). For foreign currency earners, Khachapuri became even cheaper due to the depreciation of Georgian currency against USD and Euro.

Khachapuri index kept declining in March with the average cost of cooking one standard Imeretian Khachapuri reaching 3.15 GEL. This is 7% lower month-on-month (compared to February 2015), and 3.1% lower year-on-year (compared to March 2014).

The average cost of cooking one standard Imeretian Khachapuri in February 2015 was 3.29 GEL, which is 3.4% lower month-on-month (m/m, that is compared to the previous month), and 4.8% lower year-on-year (y/y, that is compared to the same month of last year).

In February, the average cost of cooking one standard Imeretian Khachapuri dropped to 3.29GEL, which is 3.4% lower month-on-month (compared to January 2015), and 4.8% lower year-on-year (compared to February 2014). At least as far as khachapuri ingredients are concerned, prices are going down, not up.