What is the correct phrase? And could you please explain why?
1. Not only it's cheap, it's also...
2. Not only is it cheap, it's also...
#2 is correct.
It is hard to explain, except with the unsatisfactory explanation "it just is."
"It's" is an abbreviation for "it is," and, for whatever reason,
1) Not only it is cheap, it is also nutritious is wrong, while
2) Not only is it cheap, it is also nutritious is right.