Bulgaria records 3.5% annual inflation in January
Bulgaria’s annual consumer price index (CPI) recorded 3.5 per cent inflation in January, down from five per cent a month earlier, the National Statistical Institute (NSI) said on February 16.
The monthly CPI figure recorded 0.6 per cent inflation in January.
Both the annual and monthly inflation figures were lower than NSI’s flash estimate issued earlier this month, when the statistics body projected 3.6 per cent annual inflation and 0.7 per cent monthly CPI increase.
Although the statistics body did not give a reason for the decline in annual inflation, in January 2025, Bulgaria’s utilities regulator approved a sharp increase in electricity prices, which caused the jump in annual inflation.
That price increase is now outside the 12-month period covered by the annual CPI, prompting the drop in the annual inflation figure.
NSI’s data also indicated that concerns stemming from Bulgaria’s accession to the euro zone on January 1 2026 were unfounded, as a sharp spike in prices failed to materialise.
Last week, Bulgarian National Bank (BNB) governor Dimitar Radev said that preliminary analysis by BNB and European Central Bank estimated the impact of the euro adoption on January inflation at about 0.3 to 0.4 percentage points, describing it as a “limited and temporary effect.”
Food prices were 0.9 per cent higher in January compared to December, while non-food prices fell by 0.1 per cent and services prices rose one per cent higher.
Compared to January 2025, food prices were 3.9 per cent higher, while non-food prices rose by 0.7 per cent and services prices were up 5.1 per cent.
The harmonised CPI figure, calculated by NSI for comparison with European Union data, recorded 0.6 per cent monthly inflation, and the annual harmonised CPI inflation was 2.3 per cent, down from 3.5 per cent a month earlier.
Food and beverage prices were 4.3 per cent higher in January, on an annual basis, while the price of utilities and housing rose by 3.7 per cent and transportation costs were 1.4 per cent lower compared to the same month of last year.
(Consumer price index changes since January 2025. Bars illustrate the annual CPI inflation and lines show the monthly CPI inflation. Graphic: NSI)
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