Sat, Feb 11 2012

Bulgaria CPI records deflation in March

Tue, Apr 14 2009 12:29 CET

byAlex Bivol

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Bulgaria CPI records deflation in March

Photo: sxc.hu

Year-on-year inflation in Bulgaria fell to 4.9 per cent in March after the consumer price index (CPI) recorded a decline for the fifth time in 10 months, National Statistical Institute (NSI) data showed on April 14.

Prices fell by 0.2 per cent in March, compared with a 0.1 per cent increase the previous month. Food prices were down 0.1 per cent and service prices fell by 0.7 per cent, while non-food prices were 0.1 per cent up.

Harmonised CPI, the figure calculated by the statistics board for comparison with inflation in the European Union, recorded a slightly larger decrease of 0.3 per cent, while the year-on-year figure fell to four per cent.

Bulgaria's Cabinet targets an annual inflation of 5.8 per cent on the expectations of reduced consumption as the global financial crisis will become increasingly felt in the country. For the first quarter of the year, inflation was 0.6 per cent.

A faster drop in inflation would eliminate Bulgaria's main obstacle towards adopting the euro, although it would not guarantee a faster process.

In 2008, inflation was 7.8 per cent, below the eight per cent estimates announced by the Finance Ministry and Bulgarian National Bank in the summer, and well short of the 12.5 per cent figure recorded in 2007.

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