Bulgaria annual inflation reaches another 24-year high at 17.3% in July

Bulgaria’s annual consumer price index (CPI) recorded 17.3 per cent inflation in July 2022, rising from 16.9 per cent a month earlier, data released by the National Statistical Institute (NSI) on August 16 showed.

This was the highest year-on-year increase in consumer prices since May 1998, when the annual inflation figure was 18.8 per cent.

At the time, Bulgaria had just finished emerging from the 1996/97 economic crisis. The July 2022 figure also exceeds the 15.3 per cent annual inflation peak recorded in June 2008, during the global financial crisis.

Monthly inflation in July was 1.1 per cent, compared to 0.9 per cent recorded in June.

Food prices in July were unchanged compared to the previous month, while non-food prices rose by 0.2 per cent and services prices increased by four per cent.

Compared to July 2021, food prices were 23.6 per cent higher, while non-food and services prices rose by 17.2 per cent and 9.6 per cent, respectively.

The harmonised CPI figure, calculated by NSI for comparison with European Union data, rose by 0.8 per cent on a monthly basis in July, while the annual harmonised CPI inflation was 14.9 per cent.

Food and beverage prices were 23.9 per cent higher, on an annual basis, while the price of utilities and housing increased by 19.8 per cent and transportation costs were 25.9 per cent higher compared to July 2021. The three categories account for about 48.5 per cent of the harmonised CPI basket.

(Consumer price index changes since July 2021. Bars illustrate the annual CPI inflation and lines show the monthly CPI inflation. Graphic: NSI)

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