03
October
2016
While gradually increasing since June, in line with its seasonal trend (driven by a gradual decline in the production of fresh milk), the Khachapuri Index remains almost 10% below its level exactly one year ago. Constructed as a weighted average of the prices of various khachapuri ingredients, the Index is particularly sensitive to changes in the price of Imeretian cheese, its most expensive ingredient. The recent spell of annual deflation in the Khachapuri Index is thus a reflection of a peculiar sagging in the price of cheese (see table).
22
September
2016
The particular importance of agriculture in Ukraine is so strong that it has been suggested by some that it is reflected in the country's flag; the golden yellow field of wheat sits beneath a blue sky, said to be a common sight in rural Ukraine.
19
September
2016
In August 2016, the average cost of cooking one standard Imeretian khachapuri increased to 3.15 GEL, which is 4.8 % higher month-on-month (m/m, that is compared to July 2016), but 9.6% lower year-on-year (y/y, compared to August 2015).
14
September
2016
Having experienced a temporary 1% spike in August, food prices are going down again. In the second week of September, ISET’s Retail Food Price Index dropped 0.7% m/m (compared to August 2016) and 2% y/y (compared to September 2015).
05
September
2016
On the back of a sharp y/y decline in the price of Imeretian cheese (down by about 10 and 18% in July and August 2016, respectively), the Khachapuri Index took a big hit in August 2016. Having reached the seasonal bottom in May, the Index increased in June due to regular seasonal factors (tourism-related increase in demand and a gradual slowdown in domestic milk production). Yet, its behavior in July and August represents a major departure from the multi-year pattern we have been observing since 2008.
