Bulgaria reports annual deflation of 2.2% in January
Bulgaria’s consumer price index shrank by 0.2 per cent in January 2014, with year-on-year figure showing 2.2 per cent deflation, data from the National Statistical Institute (NSI) showed on February 14. Bulgaria has now recorded negative consumer price index (CPI) growth in eight of the past 12 months.
Food prices were 0.9 per cent higher than in December 2013, but non-food prices were down 0.6 per cent and services prices fell by 1.1 per cent, NSI said.
The drop in services prices was largely due to the reduction in electricity prices, which went into force on January 1, with household daytime tariffs cut by about one per cent and the night-time rate down by 10 per cent. Electricity prices for industrial consumers were cut by 1.5 per cent.
In annual terms, food prices were 1.6 per cent lower than at the end of January 2013. Services were 4.9 per cent cheaper – thanks to the three electricity price cuts ordered by the regulator over the past 12 months – and non-food prices fell by one per cent over that period, NSI data showed.
The harmonised CPI figure, calculated by the statistics board for comparison with European Union data, shrank by 0.2 per cent in January. On an annual basis, the harmonised CPI recorded 1.3 per cent deflation.
Food and beverages were 1.5 per cent cheaper, on an annual basis, while the price of utilities and rent has fallen by 7.1 per cent; transportation costs were up 0.1 per cent over the previous 12 months. The three categories account for just over half of the harmonised consumer price index.
(Photo: svilen001/sxc.hu)
