Bulgaria records 3.7% annual inflation in January
Bulgaria’s annual consumer price index (CPI) recorded 3.7 per cent inflation in January, up from 2.2 per cent a month earlier, the National Statistical Institute (NSI) said on February 14.
The CPI figure recorded two per cent inflation in January, pushing the year-on-year figure higher for a fourth consecutive month. The two per cent jump was also the highest monthly CPI increase since April 2022, when NSI reported 2.5 per cent inflation.
Although the statistics body did not say what prompted the jump in monthly inflation, the country’s utilities regulator approved an increase in electricity prices by an average of 8.42 per cent for household consumers starting January 1.
Food prices were 2.5 per cent higher compared to December, while non-food prices rose by 0.3 per cent and services prices were 3.4 per cent higher.
Compared to January 2024, food prices were 4.3 per cent higher, while non-food prices were 0.1 per cent up and services prices rose by 6.6 per cent.
The harmonised CPI figure, calculated by NSI for comparison with European Union data, recorded monthly inflation of 1.8 per cent, while the annual harmonised CPI inflation was 3.8 per cent, up from two per cent a month earlier.
The jump in harmonised CPI reverses the recent downward trend and risks to further delay Bulgaria’s efforts to join the euro area due to high inflation.
Food and beverage prices were 4.6 per cent higher in January, on an annual basis, while the price of utilities and housing rose by 4.9 per cent and transportation costs were 3.8 per cent higher compared to the same month of last year. The three categories account for 45.7 per cent of the harmonised CPI basket.
(Consumer price index changes since January 2024. Bars illustrate the annual CPI inflation and lines show the monthly CPI inflation. Graphic: NSI)
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