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In August, the average cost of cooking one standard Imeretian khachapuri jumped to 3.49 GEL, which is 11.4% higher month-on-month (m/m, that is compared to July 2015), and 7% higher year-on-year (y/y, that is compared to August 2014).
The main contributors to y/y Khachapuri Index inflation were cheese (8.6%), eggs (12.8%), milk (11.8%) and yeast (16.3%). Prices of two other ingredients decreased: flour (-2%) and butter (-0.3%).
An official estimate of price inflation, published by GeoStat, also shows that CPI increased both m/m (up 1%) and y/y (5.4%).
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In August 2015, the average cost of cooking one standard Imeretian Khachapuri reached 3.49GEL, which is 11.4% higher month-on-month (compared to July 2015), and 7% higher year-on-year (compared to August 2014). Two factors combined in August to push the Khachapuri index upwards. On the one hand, the Index is up due to a seasonal decline in the supply of cheese – the main (and most expensive) khachapuri ingredient. At the same time, August is the high season for tourism, particularly along the Black Sea coast.
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In June of 2015, the average cost of cooking one standard Imeretian Khachapuri fell to 2.85GEL, which is 1% lower month-on-month (compared to May 2015), and 0.8% higher year-on-year (compared to June 2014).
The main contributors to y/y Khachapuri Index deflation were cheese (down by 7%) and flour (down by 1.6%). All other ingredients increase in price: eggs (21.6%), yeast (15.3%), milk (10.7%) and butter (7.3%).
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June is the time of the year when the Khachapuri Index reaches the lowest point in its annual cycle. The supply of fresh milk a key input in the production of Imeretian cheese reaches its seasonal peak a few months earlier, in March and April. The prices of cheese, while declining in a continuous fashion from January onward, bottom out with a lag of two-three months, by June or July.
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