- Details
The average cost of cooking one standard Imeretian Khachapuri in February 2015 was 3.29 GEL, which is 3.4% lower month-on-month (m/m, that is compared to the previous month), and 4.8% lower year-on-year (y/y, that is compared to the same month of last year).
In February, GEL continued to depreciate against USD (down 22 tetri m/m, and 41 tetri y/y). At 2.17GEL/USD, Georgian products have become quite a bit more competitive in the world markets (although not in the markets of our main trading partners, since the national currencies of all our neighbors: Russia, Ukraine, Turkey, Azerbaijan and Armenia, have also lost in value against USD). As a result, while not (yet) traded in global markets, Georgian khachapuri has become much more affordable for anybody earning in foreign currency. For those earning in USD, khachapuri has become a real bargain: when expressed in USD, ISET's Khachapuri Index lost 13.4% relative to January (m/m), and 23.2% in annual terms (y/y).
- Details
In February, the average cost of cooking one standard Imeretian Khachapuri dropped to 3.29GEL, which is 3.4% lower month-on-month (compared to January 2015), and 4.8% lower year-on-year (compared to February 2014). At least as far as khachapuri ingredients are concerned, prices are going down, not up.
The main contributors to y/y Khachapuri Index deflation in February were cheese (-11.5%), eggs (-1.1%) and butter (-2%). Price of the following products increased: flour (12.3%), yeast (18.9%) and milk (5.1%).
The general Consumer Price Index (CPI) is based on a much broader basket of goods and services, yet CPI inflation in February 2014 is very much business-as-usual: 0.1% m-o-m, 1.3% y-o-y.
- Details
In February, the average cost of cooking one standard Imeretian Khachapuri fell to 3.29GEL, which is 3.4% lower month-on-month (compared to January 2015), and 4.8% lower year-on-year (compared to February 2014).
The main ingredient of Khachapuri is Imeretian cheese, and, naturally, its price is the main driver of ISET's Khachapuri Index. Over the years, we have been observing a sharp upward movement in the price of cheese from July till January, and an equally sharp downward movement from February till June. These seasonal price dynamics are closely tied to the annual production cycle of the Georgian dairy industry. The price of milk is the exact mirror of image of this production cycle. It goes up when there is little production, and goes down when there is plentiful supply.
- Details
In January, the average cost of cooking one standard Imeretian khachapuri fell to 3.40GEL. The Index lost 7% month-on-month (compared to December 2014) and 5.4 % year-on-year (compared to January 2014).
At 3.41GEL, Kutaisi has seen the largest drop in the Index (-11.8%). Tbilisi (3.41GEL) and Telavi (3.14GEL) experienced declines of 7.2% and 9.7%, respectively.
The greatest surprise in January was the (small, 1.1%) increase in the price khachapuri in Batumi, Georgia's coastal resort. At 3.65GEL, Batumi became the most expensive city for khachapuri lovers, 0.51GEL ahead of the cheapest city, Telavi.
Our Partners
