February 2024 | The Khachapuri Index increases by 3.3%
04 March 2024

In February 2024, the average cost of cooking one standard portion of Imeretian khachapuri stood at 6.83 GEL, marking a 3.3% increase compared to the previous month. However, in a year-to-year comparison, the price of khachapuri decreased by 1.5% compared to February 2023.

The annual decline in cheese (-5.5%) and flour (-2.5%) prices continues, as evident in recent months' reports. Conversely, there has been annual inflation in the prices of all other ingredients: butter (+14.8%), milk (+13.0%), yeast (+11.8%), and egg (+4.1%).

During February, most khachapuri ingredients, except yeast (-0.9%), saw monthly price increases: butter (+4.5%), cheese (+3.9%), flour (+3.5%), milk (+3.4%), and egg (+0.9%).

The price of butter saw the highest monthly increase, followed closely by similar percentage increases in cheese and milk prices. These observed price increases during this time of the year are typically driven by limited local milk production and its substitution with imported milk powder, milk, butter, and other dairy products.

Looking ahead, it is anticipated that in the upcoming months, the price of milk will follow a seasonal trend and decline. The Easter effect, more specifically Great Lent, which will begin on March 18th, may exert downward pressure on the prices of milk and other dairy products. This is because demand for cheese and other milk products is typically lower during the Lent period.