Latest Issue: April 06, 2015


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). In general, the downward trend in Kh-Index at this time of the year is driven by the seasonal decline in cheese prices (due to increased supply of fresh milk and lower demand during the fasting period). However, while these seasonal factors explain the m/m change in the Index, they do not account for its y/y decline.

If we take a more detailed look at the prices of Kh-Index ingredients (see graph), the main contributors to y/y Khachapuri index deflation in March were cheese (-12%) and eggs (-1%). All other ingredients increased in price: flour (11%), yeast (21%), butter (6%) and milk (12%). As can be easily seen, prices fell y/y for locally produced goods (eggs and cheese, made of fresh milk); prices went up y/y for goods that are imported (yeast and butter) or use imported intermediate inputs in their production (flour and milk).


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# Date Title Topic
155 24/11/14 Economic Reflexions in the Kakheti Mountains Social Policy
154 17/11/14 Kakha Bendukidze. End of an Epoch? Social Policy
153 10/11/14 Khachapuri and Consumer Price Index Inflation Social Policy
152 03/11/14 Georgia Needs Punitive Damages Social Policy
151 27/10/14 Crime and Punishment in Georgia Social Policy
150 20/10/14 Market Twilight Social Policy
149 13/10/14 Is Capitalism the Final Stage of History? Social Policy
148 06/10/14 The Economic Potential of Georgian Wine Social Policy
147 29/09/14 The Ice Bucket Challenge: Does Motivation Matter? Social Policy
146 22/09/14 Georgian Egg Prices: the Roller Coaster Ride Continues Social Policy
145 15/09/14 Who Defends the Workman’s Interests? Social Policy
144 08/09/14 The New Prescription Rules: Repeating Western Mistakes Social Policy
143 14/07/14 Common Language, Education, and Nation Building Social Policy
142 07/07/14 Survival of the Fittest in Georgian Agriculture Social Policy
141 30/06/14 Georgian Neportism Social Policy
140 23/06/14 On Soviet Science Social Policy
139 16/06/14 Georgia – a Country Between Poland and Korea Social Policy
138 09/06/14 Redistribution versus Growth: Georgia at The Crossroads Social Policy
137 02/06/14 Pawnshop Mentality Microeconomics
136 26/05/14 Discrimination in Georgia Social Policy
135 19/05/14 Becoming Rich Delayed Social Policy
134 12/05/14 Removing Educational Bottlenecks Social Policy
133 05/05/14 The Mystery of the Russian Economy (Part 2) Social Policy
132 28/04/14 The Mystery of the Russian Economy Social Policy
131 21/04/14 Can Georgia Develop a Knowledge-Based Economy? Social Policy
130 14/04/14 Fine and Punishment Microeconomics
129 07/04/14 Do Economies Need Economists? Social Policy
128 31/03/14 The Ethics of Empty Stomachs Social Policy
127 24/03/14 Yes, We Trust! Social Policy
126 17/03/14 "Inclusive Growth" Policies: Roads Paved With Good Intentions Macroeconomic Policy
125 10/03/14 Are Georgians too Impatient? Social Policy
124 03/03/14 Tiger in the Caucasus? Social Policy
123 24/02/14 Should We Regulate? Social Policy
122 17/02/14 Regulating Rightly Social Policy
121 10/02/14 Why Nations Fail Social Policy
120 03/02/14 The Lari Depreciation Macroeconomic Policy
119 27/01/14 Towards a More Equitable Georgia Social Policy
118 21/01/14 Beyond Fairness and Envy: The Economic Effects of Income Inequality Social Policy
117 9/12/13 The Educational Choices We Make... Microeconomics
116 16/12/13 The Georgian Egg of Discord Agricultural Policy
115 9/12/13 The Need for Strategic Research Agricultural Policy
114 2/12/13 Language and Economics Social Policy
113 25/11/13 Rural Unemployment Through Productivity Gains Agricultural Policy
112 18/11/13 Georgia Riding the Waves of a Political Business Cycle Macroeconomic Policy
111 11/11/13 Georgia's Growth Slowdown - The Case of a Political Business Cycle? Macroeconomic Policy
110 04/11/13 From Thieves-in-Law Towards the Rule of Law Social Policy
109 28/10/13 The Georgian Solution to the Tragedy of the Commons Social Policy
108 21/10/13 Georgia on the Development Frontier: From Subsistence Agriculture to Exchange Agricultural Policy
107 14/10/13 The University of Life Other
106 07/10/13 The Two Faces of Foreign Direct Investment Macroeconomic Policy
105 30/09/13 Dear Police: There is a Bomb. Please Find It! Other
104 23/09/13 The Most Economical Economic Indicators Macroeconomic Policy
103 16/09/13 The Voluntariness Mantra Refuted Social Policy
102 09/09/13 Tchiatura and the Resource Curse Micro-level Competition Analysis
101 29/07/13 Exporting Education Social Policy
100 22/07/13 The Strategic Dilemma of the Tbilisi Marshrutka Drivers Micro-level Competition Analysis
99 15/07/13 The "Wizz Air Effect" or how Georgia Became Part of the Global Economy Micro-level Competition Analysis
98 7/07/13 Tbilisi - A City for Cars, Not for People Social Policy
97 1/07/13 Georgia's National Competitiveness Macroeconomic Policy
96 24/06/13 If You Are So Smart, Why Aren't You Rich? Macroeconomic Policy
95 17/06/13 Georgia's Current Account Deficits: Good or Bad? Macroeconomic Policy
94 10/06/13 Jaywalking in Georgian Other
93 3/06/13 Riding the Dragon Macroeconomic Policy
92 27/05/13 The Tides of Markets Macroeconomic Policy
91 20/05/13 Does Georgia Need Its Own Currency? Macroeconomic Policy
90 13/05/13 Georgia's Human Resources Macroeconomic Policy
89 6/05/13 Social Capital Social Policy
88 29/04/13 Fiscal Transparency Macroeconomic Policy
87 22/04/13 Jobless Growth in Georgia Social Policy
86 15/04/13 Does Roads Infrastructure Promote Regional Development? Social Policy
85 8/04/13 The Gender Pay Gap Social Policy
84 1/04/13 Food Economics Agricultural Policy
83 25/03/13 Different Capitalisms Macroeconomic Policy
82 18/03/13 The Economics of Happiness Social Policy
81 11/03/13 The Price of Money Macroeconomic Policy
80 4/03/13 Poverty in Georgia Social Policy
79 25/02/13 Which is Better: Schooling or Homeschooling? Other
78 18/02/13 The Future of Labor Macroeconomic Policy
77 11/02/13 Use of Consumer Confidence Index Macroeconomic Policy
76 28/01/13 Dependence on Global Prices Macroeconomic Policy
75 21/01/13 Christmas Trees - the Only Business in which Georgia Holds a 97% Share of the Foreign Market! Agricultural Policy
74 24/12/12 A Special New Year Edition Other
73 17/12/12 Touristic Destination or Trade Corridor? Macroeconomic Policy
72 10/12/12 Economics Growth and Income Inequality in Georgia Social Policy
71 19/11/12 Roads and Rural Development: The case of Samtskhe Javakheti Macroeconomic Policy
70 26/11/12 The Puzzle Agricultural Productivity in Georgia and Armenia Agricultural Policy
69 19/11/12 Mass Family Gatherings in Georgia: Tradition of Waste or a Form of Insurance? Social Policy
68 12/11/12 Price Stability - The Lull Before the Storm? Macroeconomic Policy
67 5/11/12 Consumer Confidence Boosted by Elections, in Tbilisi Political Economy
66 22/10/12 Politics and Electricity Prices Political Economy
65 15/10/12 Elections and Consumer Confidence Political Economy
64 8/10/12 Democracy and Economic Growth Political Economy
63 1/10/12 Breaking the Vicious Circle of Poverty and Inequality Social Policy
62 25/09/12 Labor Migrations and Remittances to Georgia Macroeconomic Policy
61 17/09/12 Farmer Cooperation, The Nikozi Experiment Assessed Agricultural Policy
60 10/09/12 No Money, No Venture, No Gain in Georgia's Agriculture Macroeconomic Policy
59 3/09/12 Who is Able to Afford a Khachapuri? Social Policy
58 27/08/12 Wives For Sale: The Economic Rationale Behind Marriage Payments in the Georgian Highlands Social Policy
57 6/08/12 Georgian Driving Manners and Economic Competitiveness Macroeconomic Policy
56 30/07/12 What Can Help Reduce Regional Disparities In Georgia? Regional Policy
55 23/07/12 Georgian Consumer Sentiment Shooting Up In June 2012: Is It The Sun, Food, Prices, Or What? Macroeconomic Policy
54 9/07/12 It Is Inefficient Marketing, Stupid! Agricultural Policy
53 9/07/12 Cheese and Children as Investment Assets? Macroeconomic Policy
52 2/07/12 Everything You Wanted to Know About Your Electricity Bill Industrial Organization
51 25/06/12 Happy Birthday Khachapuri Index! Agricultural Policy
50 18/06/12 Why Elections Happen in the Fall? Political Economy
49 11/06/12 Expectations and Prices Macroeconomic Policy
48 4/06/12 Are Georgian Village Communities able to Organize Themselves? The Case of Shrosha Agricultural Policy
47 28/05/12 IMF Monetary Policy Prescriptions in Action Macroeconomic Policy
46 14/05/12 Economics and Religion Other
45 7/05/12 CPI Deflator and Real GDP Macroeconomic Policy
44 30/04/12 Georgia‘s Trade Deficit Trade Policy
43 23/04/12 Carrefour Elephant in the Georgian Retail Market Industrial Organization
42 16/04/12 How Rich Georgia Really Is? Macroeconomic Policy
41 9/04/12 Consumer Price Index Inflation in Georgia: 2011 vs 2012 Macroeconomic Policy
40 2/04/12 No News Is Not Good News for Georgian Farmers Micro-level Competition Analysis
39 26/03/12 Seasonal Versus Year–Round Milk Production Agricultural Policy
38 19/03/12 Are Declining Prices Good For The Economy? Macroeconomic Policy
37 12/03/12 Is Small Scale Agriculture Necessarily Inefficient? Agricultural Policy
36 5/03/12 Why Do We Need a National Currency? Macroeconomic Policy
35 27/02/12 The Price of Bread and Democracy Political Economy
34 20/02/12 The Less Food (in the Consumer Basket) the Better! Macroeconomic Policy
33 13/02/12 What Can Governments Do to Reduce Regional Disparities? Regional Policy
32 6/02/12 Cheese and Wine, a Tale of Two Georgian Product Agricultural Policy
31 30/01/12 How Much Georgia Exports? Trade Policy
30 23/01/12 Perceptions Do Matter Macroeconomic Policy
29 16/01/12 If the Mountain won‘t Come to Muhammad, Muhammad Must Go to the Mountain Regional Policy
28 26/01/11 Is Georgia a Cheap Country? Trade Policy
27 19/12/11 A Cigarette a Day Keeps the Doctor Away… in Georgia Social Policy
26 12/12/11 When Supply Meets Demand… Micro-level Competition Analysis
25 5/12/11 Seasonal Products and Inflation Macroeconomic Policy
24 28/11/11 Is GEL Exchange Rate Misaligned According to Khachapuri and Big Mac Indices? Macroeconomic Policy
23 21/11/11 Khachapuri a Day Keeps Poverty Away! Social Policy
22 14/11/11 Tired of Looking for Spare Parts for Your Car? Market Size Matters! Micro-level Competition Analysis
21 7/11/11 Inflation in Georgia Coming to a Halt? Macroeconomic Policy
20 31/10/11 Real Exchange Rate of the GEL and the ISET Khachapuri Index Trade Policy
19 24/10/11 Global Commodity Price Volatility Trade Policy
18 17/10/11 How Come the Same Product Is Sold at Different Prices in the Same Market? Micro-level Competition Analysis
17 10/10/11 Short–Term Volatility in the Price of Agricultural Commodities Agricultural Policy
16 26/09/11 When Are Markets (un)Competitive Micro-level Competition Analysis
15 19/09/11 Real Exchange Rate of the GEL Macroeconomic Policy
14 12/09/11 Global Commodity Price Dynamics and Inflation in Georgia Macroeconomic Policy
13 5/09/11 Peak Load in the Georgian Tourism Industry Industrial Organization
12 29/08/11 Better Coordination, Planning and Veterinary Controls can Help Reduce the Risk in Georgian Agriculture Agricultural Policy
11 22/08/11 Khachapuri Index for Hard Currency Earners Macroeconomic Policy
10 15/08/11 Consumer Price Index – Marshrutkas vs Potatos Macroeconomic Policy
9 8/08/11 Georgia‘s Economic Geography Regional Policy
8 1/08/11 Seasonal Fluctuations in Tourism, the Case of Bakuriani Industrial Organization
7 18/07/11 Opening Up the Black Box of the Consumer Price Index (CPI) Macroeconomic Policy
6 11/07/11 What Can Explain the Opposite Movement of Kh-Index in Tbilisi and Other Cities in Our Sample? Regional Policy
5 4/07/11 Buy Agricultural Products in Summer to Consume in Winter Agricultural Policy
4 27/06/11 Real Appreciation of the Local Currency – Is It Good or Bad? Macroeconomic Policy
3 20/06/11 Georgia Is a Tiny Fraction of the Global Economy Trade Policy
2 13/06/11 Purchasing Power Macroeconomic Policy
1 6/06/11 Seasonal Fluctuations Statistical Theory

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