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The average cost of cooking one standard portion of Imeretian Khachapuri stood at 3.62 GEL in November 2018. This is 0.8% higher month-on-month (compared to October 2018), and 2.2% lower year-on-year (compared to the previous November, 2017).
As the chart shows, the main contributors to the Khachapuri Index monthly inflation were milk (up by 1.5%), cheese (up by 1.3%), and butter (up by 0.6%). All other ingredients decreased in price: yeast (down by 0.5%), flour (down by 0.5%), and eggs (down by 0.2%).
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The average cost of cooking one standard Imeretian khachapuri in October 2018 was 3.59 GEL, which is 1.1% higher month-on-month (compared to the previous month), and 1.2% lower year-on-year (compared to the same month of last year).
Trade statistics show that there is growing demand on bovine animals. In the last three years, exports of live cattle (beef and dairy) from Georgia increased by 26% on average. This means that there are fewer dairy cows left in the country, which is of course reflected in production volumes of milk. In 2017, milk production was 528,400 tones, which was 11,700 tones less than in 2016 and 37,900 tones less than in 2015.
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ISET’s Khachapuri Index continued an increasing trend in October 2018, which is very much in line with the annual seasonal trend. The average cost of cooking one standard Imeretian khachapuri currently stands at 3.59 GEL, which is 1.1% higher month-on-month (compared to September 2018), and 1.2% lower year-on-year (compared to October 2017).
When comparing the average prices of khachapuri across cities, one can conclude that Tbilisi, the capital of Georgia, offers the lowest price. The average cost of a khachapuri there is 3.55 GEL, which is lower than the average prices in other cities. Moreover, looking at the minimum prices observed in every city shows that Tbilisi offers the greatest savings for those looking for the cheapest ingredients. Frugal people can save a solid 36.7% and pay just 2.60 GEL for one portion of khachapuri in Tbilisi if they invest time and effort into chasing the cheapest ingredients.
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The average cost of cooking one standard Imeretian khachapuri in September 2018 was 3.56 GEL, which was 3.7% higher month-on-month (m/m, as compared to the previous month), and 2.1% lower year-on-year (y/y, as compared to the same month last year). However, khachapuri became cheaper for those earning in foreign currency as a result of the y/y depreciation of the lari relative to both the USD and EUR in September 2018. In September 2018, the GEL/USD exchange rate reached 2.61, which was 0.16 points higher than September 2017, and 0.08 points higher than August 2018.
The Khachapuri Index lost value in terms of USD, falling by 1.7% in September 2018 compared to the same period last year. The situation is similar when looking at the euro price of khachapuri, which was down by 4.2% y/y.
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