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In June 2021, the average price of cooking one Imeretian khachapuri stood at 4.28 GEL. Compared to the previous month (May 2021) the Khachapuri Index lost 1.1%. In annual terms (compared to June 2020), however, the index added 8.8%.

The monthly (negative) change in the Index follows the traditional seasonal trend in fresh milk production, which peaks in June and July. In June 2021 price of cheese has decreased by 2.5% compared to the previous month (May 2021). However, all other khachapuri ingredients went up in price compared to last month: eggs (2.9%), milk (1.8%), butter (1.4%), and flour (0.7%).

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The average cost of cooking one standard Imeretian khachapuri currently stands at 4.33 GEL, which is 6.9% lower month-on-month (compared to April 2021), and 5.6% higher year-on-year (compared to May 2020). The main contributor to the price change is a seasonal decrease in the price of cheese, which fell by -13.1%, compared to the previous month (April 2021).

The official estimate of annual price inflation, published by GeoStat, also shows that CPI increased by 7.7% year-on-year. Annual (y/y) CPI inflation was mostly driven by price increases in such categories as oils and fats (42.7%), sugar, jam, honey, chocolate and confectionery (13.7%), milk, cheese and eggs (8.0%), coffee, tea and cocoa (8.0%), fish (7.6%), mineral waters, soft drinks, fruit and vegetable juices (7.2%), meat (6.0%), and bread and cereals (5.8%). This annual price increase is driven largely by the depreciation of the Georgian lari against the US dollar. The average GEL/USD exchange rate in May 2021 was 3.38, which is 6% higher than in May 2020. The depreciation of the Georgian lari has placed notable upward pressure on the price of imported goods and the share of imports is particularly high in the case of oils and fats.

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The average cost of cooking one standard Imeretian khachapuri in April 2021 was 4.65 GEL. The Index gained 1% compared to the previous month (March 2021). Usually, at this time of year, seasonal declining trend is expected, which is largely driven by a springtime adjustment of the price of milk and milk products. However, the depreciation of the Georgian lari against the US dollar still has an upward pressure on the price of imported khachapuri ingredients. In April 2021, the GEL/USD exchange rate reached 3.43, 3% higher than in March 2021. As a result, the increased supply of milk could not outweigh the impact of the domestic currency’s depreciation and more expensive imports.

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The Khachapuri Index kept declining in March 2021, with the average cost of cooking one standard Imeretian khachapuri reaching 4.61 GEL. This is 1.7% lower month-on-month (compared to February 2021), and 3.4% higher year-on-year (compared to March 2020).

The Index lost ground in all Georgian cities and experienced the largest drop in Kutaisi (of 3.1%), which also appears to be the cheapest location. Due to the decline, the price of one standard Imeretian khachapuri in Kutaisi dropped from 4.63 GEL to 4.49 GEL. The prices also fell to 4.87 GEL in both Tbilisi and Telavi, losing 1% and 0.5%, respectively. While a single khachapuri in Batumi stood at 4.68 GEL, close to the average across cities. The difference in cost between the most expensive (Tbilisi, Telavi) and the cheapest (Kutaisi) cities reached 0.39 GEL.

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