In September 2019, the average cost of cooking one standard Imeretian khachapuri reached 3.64 GEL, which is 3.0% higher month-on-month (compared to August 2019), and 2.3% higher year-on-year (compared to September 2018). The price of khachapuri increased in all four major cities of Georgia: Tbilisi, Batumi, Kutaisi, and Telavi.

Two factors together pushed the Khachapuri Index upwards in September. On the one hand, the Index is up due to a seasonal decline in the supply of raw milk and therefore cheese — the main (and most expensive) ingredient in khachapuri. On the other hand, due to the depreciation of the Georgian currency against the USD over the recent months, the price of imported milk powder (used as a substitute for fresh milk) increased, which pushed the price of cheese up.

The average cost of cooking one standard portion of Imeretian Khachapuri stood at 3.24 GEL in May 2019. This is 6.4% lower MoM (compared to April 2019), and 2.4% higher YoY (compared to May 2018).

The prices of all khachapuri ingredients, except yeast, are down in monthly terms, compared to April 2019. If we take a more detailed look at the prices of the ingredients (see graph), cheese (-11.5%) was the main contributor in May to YoY Khachapuri Index deflation. The prices of other ingredients also went down: butter (-0.8%), milk (-0.7%), flour (-0.6%), and eggs (-0.3%). The monthly (negative) change to the Index also follows the traditional seasonal trend for fresh milk production, which gradually starts to decline in February and March and continues throughout the summer months.

The cost of cooking one standard Imeretian khachapuri in May 2019 averaged 3.24 GEL, which is approximately 2.4% higher compared to May 2018 (year-on-year), and 6.4% lower compared to the previous month (April 2019).

The highest increase was observed in flour prices, which have gone up by 7.4% compared to their levels last year (May 2018). The Khachapuri Index data can moreover reveal an increasing trend in flour prices, starting from last year. According to our estimates, however, in monthly terms the price of (high grade) flour was 0.6% lower than compared to the previous month (April, 2019). This tendency is also in line with world price trends.

The average cost of cooking one standard Imeretian khachapuri declined to 3.24GEL in May 2019. The price dropped by 6.4% month-on-month (compared to April 2019); however year-on-year prices have increased by 2.4% (compared to May 2018).

The Khachapuri Index lost value in all large cities in Georgia compared to the prior month (April 2019). The highest month-on-month decrease of 16.6% was observed in Kutaisi, where the price stood at 2.68 GEL, followed by Telavi (3.30 GEL) where the monthly decrease was 7.7%. Tbilisi and Batumi happened to be the most expensive places to buy khachapuri (3.50 GEL) in May, although the Tbilisi price of khachapuri still decreased, by 1.6% and the Batumi price decreased by 0.7%. The price difference between the most expensive cities (Tbilisi, Batumi) and the cheapest one (Kutaisi) was 0.82 GEL.

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