Great Lent Pushed Prices Down 

Great Lent Pushed Prices Down 

The FINANCIAL -- In March 2017, the national average price of cooking Imeretian khachapuri declined to 3.41 GEL, which is 6.9% lower compared to the previous month (February 2017), and 4.1% above its value a year ago (March 2016).

Such a noticeable monthly decline in the price of khachapuri is driven by the seasonal adjustment in the price of cheese, which stood at 7.31 GEL in March 2017, and is 12.2% below last month’s value (February 2017). As mentioned in a previous publication, this year the price of milk started its seasonal decline in March.  The Easter effect, more specifically Great Lent (which began on February 27th) might have strengthened the downward price trend, as demand on cheese and other milk products is lower during the Lent period,

It is anticipated that in upcoming months, the price of milk will follow the seasonal trend and will continue to decline; however, we might not see a significant drop in prices, because the increased demand after fasting will balance the seasonal effect.