December 2023 | The Khachapuri Index over the decade
28 December 2023

In December 2023, the average cost of preparing one standard Imeretian khachapuri experienced a slight increase, reaching 6.48 GEL. This signifies a 0.2% rise compared to November 2023 and a noteworthy -7.3% decrease compared to December 2022.

As the festive season, embracing Christmas and New Year supra preparations gains momentum, it is customary for the index to display an upward month-on-month trend due to a holiday-induced surge in demand. In December 2023, the prices of key khachapuri ingredients witnessed a monthly increase: milk rose by 1.3%, butter by 1.2%, flour by 1%, and cheese by 0.2%, while yeast experienced a decrease of -5.3%, and eggs decreased by -0.2%.

On an annual basis, the Khachapuri Index prices are diminishing across all Georgian cities. The most significant decline was observed in Telavi (-12.4%), followed by Tbilisi (-6.9%), Kutaisi (-5.2%), and Batumi (-4.3%).

Analyzing data from 2014-2023, the average cost of crafting one standard Imeretian khachapuri in December 2023 has nearly doubled since 2014, surging from 3.66 GEL to 6.48 GEL. The lowest cost was recorded in December 2016 (3.61 GEL), whereas the Khachapuri Index reached its highest recorded level (6.99 GEL) in December 2022. Notably, the decline in 2023 is the first observed since December 2018 and the most pronounced (-7.3%) over the 10 years. This year-on-year decrease can be attributed to the exceptional circumstances of 2022, brought about by the war in Ukraine. Throughout that year, there was a significant surge in all ingredient prices. Consequently, the observed decline in 2023 reflects a return to normalcy after the unprecedented spikes in costs witnessed in the preceding year.