The AGRIndex and tracks the retail price dynamics of more than 100 primary agricultural products and emphasizes on domestic production. The data is collected in up to 60 municipalities across Georgia by the Ministry of Agriculture of Georgia, but all self-governing cities (and municipalities in Abkhazia) are excluded. The AGRIndex tracks the prices in local bazaars and markets, but in special cases prices might be collected in supermarkets or in groceries.

Data collectors record the prices for bundles of specific primary agricultural products that have not gone through any transformation or processing (except some dairy products). The basket of products if fixed and similar for all municipalities and the weight of specific product in specific municipality does not change across weeks. Data is collected on weekly basis on pre-determined dates, and discounted prices and the prices of non-standard or low-quality products are not recorded.

AGRIndex is a weighted average of four different sub-indices — Vegetable Price Index (VPI), Fruit Price Index (FPI), Dairy Price Index (DPI), and Meat Price Index (MPI), — where the weights for each sub-index are determined by the product weights they track. VPI, FPI, DPI and MPI separately track the price dynamics of products from respective product groups. The product basket contains specific products listed in the Classification of Individual Consumption According to Purpose (COICOP), while the weights to each specific product in the basket are assigned based on GeoStat’s Integrated Household Survey Databases. The calculation methodology is similar of what GeoStat uses to calculate Consumer Price Index (CPI), but the data is pre-filtered by ISET-PI’s own methodology. If for given month seasonal products are not available at the market the price data for these seasonal products are a subject of imputation based on CPI methodology.

AGRIndex, VPI, FPI, DPI, and MPI represent the month-over-month (m/m) price dynamics for respective baskets of agriculture products, but price dynamics compared to the same month of previous year, as well as compared to the average value of the base period (the first 12 months of price collecting process), are also calculated.


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