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Sat, Feb 11 2012
Bulgaria CPI shrinks for fourth straight month
Photo: Nadezhda Chipeva
Bulgaria's consumer price index (CPI) shrank by 0.2 per cent in August, the fourth consecutive month of decline, National Statistical Institute (NSI) data showed on September 14. Year-on-year inflation in Bulgaria eased to 1.3 per cent in August, compared to 1.6 per cent a month earlier.
Food prices were down 0.9 per cent, while non-food prices rose by 0.4 per cent and services prices edged 0.1 per cent higher.
The harmonised consumer price index, the figure calculated by the statistics board for comparison with inflation in the European Union, was 0.1 per cent higher, while the year-on-year figure was 1.3 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 eight months of the year, Bulgaria recorded 0.1 per cent deflation.
A faster drop in inflation would eliminate Bulgaria's main obstacle towards adopting the euro, although it would not guarantee a faster process. Bulgaria's Finance Minister Simeon Dyankov has said that the new Cabinet would raise the issue of accession to the Exchange Rate Mechanism, the eurozone waiting room, in November 2009.
Last year, inflation was 7.8 per cent, below the eight per cent estimates announced by the Finance Ministry and Bulgarian National Bank, and well short of the 12.5 per cent figure recorded in 2007.
Food prices were down 0.9 per cent, while non-food prices rose by 0.4 per cent and services prices edged 0.1 per cent higher.
The harmonised consumer price index, the figure calculated by the statistics board for comparison with inflation in the European Union, was 0.1 per cent higher, while the year-on-year figure was 1.3 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 eight months of the year, Bulgaria recorded 0.1 per cent deflation.
A faster drop in inflation would eliminate Bulgaria's main obstacle towards adopting the euro, although it would not guarantee a faster process. Bulgaria's Finance Minister Simeon Dyankov has said that the new Cabinet would raise the issue of accession to the Exchange Rate Mechanism, the eurozone waiting room, in November 2009.
Last year, inflation was 7.8 per cent, below the eight per cent estimates announced by the Finance Ministry and Bulgarian National Bank, and well short of the 12.5 per cent figure recorded in 2007.
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Bulgaria to seek eurozone entry within GERB’s term – Finance Minister
Bulgaria joining the euro zone is a top priority for Prime Minister Boiko Borissov's GERB Government, and the plan is to achieve this during this term of office, Deputy Prime Minister and Finance Minister Simeon Dyankov said on September 16 2009 in an interview with news agency Reuters.
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