Bulgaria records 4.7 per cent annual inflation in 2023

Bulgaria’s annual consumer price index (CPI) recorded 4.7 per cent inflation in December 2023, down from 5.4 per cent a month earlier, the National Statistical Institute (NSI) said on January 15.

It was the 12th consecutive month in which the year-on-year inflation figure recorded a decline and the lowest since annual inflation hit 3.7 per cent in August 2021. It was also a sharp drop compared to the 2022 annual inflation figure, when the CPI index recorded a 16.9 per cent increase.

Monthly inflation in December was 0.3 per cent, NSI said.

Food prices were 0.7 per cent higher compared to the previous month, while non-food prices fell 0.5 per cent and services prices were 0.8 per cent higher.

Compared to December 2022, food prices were 5.7 per cent higher, while non-food and services prices rose by 3.1 per cent and 4.9 per cent, respectively.

The harmonised CPI figure, calculated by NSI for comparison with European Union data, recorded 0.3 per cent monthly inflation, and the annual harmonised CPI inflation was five per cent, down from 5.5 per cent a month earlier.

Food and beverage prices were 5.9 per cent higher in December, on an annual basis, while the price of utilities and housing rose by 1.7 per cent and transportation costs were three cent higher compared to the same month of last year. The three categories account for 48.9 per cent of the harmonised CPI basket.

(Consumer price index changes since December 2022. Bars illustrate the annual CPI inflation and lines show the monthly CPI inflation. Graphic: NSI)

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