Bulgaria records 2.3% annual inflation in May

Bulgaria’s annual consumer price index (CPI) recorded 2.3 per cent inflation in May, down from 2.4 per cent a month earlier, the National Statistical Institute (NSI) said on June 14.

It was the 17th consecutive month in which the year-on-year inflation figure recorded a decline and the lowest in three years, since annual inflation was two per cent in April 2021.

The CPI figure shrank for a second consecutive month, by 0.2 per cent in May, making it the fourth time deflation was recorded on a monthly basis in the past 12 months, NSI said.

Food prices were 0.4 per cent lower compared to April, while non-food prices fell by 0.1 per cent and services prices were 0.3 per cent lower.

Compared to May 2023, food prices were 1.1 per cent higher, while non-food and services prices rose by 1.7 per cent and four per cent, respectively.

The harmonised CPI figure, calculated by NSI for comparison with European Union data, recorded no change compared to April, but the annual harmonised CPI inflation was 2.7 per cent, up from 2.5 per cent a month earlier.

Food and beverage prices were 1.5 per cent higher in May, on an annual basis, while the price of utilities and housing rose by three per cent and transportation costs were 3.9 per cent up compared to the same month of last year. The three categories account for 49.2 per cent of the harmonised CPI basket.

(Consumer price index changes since May 2023. Bars illustrate the annual CPI inflation and lines show the monthly CPI inflation. Graphic: NSI)

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