Harmonised Index of Consumer Prices

Inflation in Bulgaria experienced a significant slowdown in September, dropping to 1.2% from 2.1% in August, marking the lowest rate since March 2021, according to the National Statistical Institute (NSI). Compared to August, a deflation of 1% was recorded, following a slight rise of 0.1% in the consumer price index during the previous month.

In July, inflation in Bulgaria slightly decreased to 2.4% on an annual basis, according to recent statistics from the NSI. However, compared to the previous month, the inflation index rose by 0.8%, reversing a trend of decline observed in recent months. This increase is primarily attributed to higher prices for tourist services and establishments.

The Bulgarian National Bank (BNB) anticipates a gradual slowdown in annual inflation during the second half of the year, as outlined in Issue 2 of its quarterly publication, "Ikonomicheski pregled" (Economic Review), available on the central bank's website.

Inflation edged higher in July, ending a run of decreasing rates. The Consumer Price Index published Friday by the Hellenic Statistics Authority grew 2.7% year-on-year, up from 2.3% in June.

The result was not surprising, at least since the publication of the EU-wide Harmonized Index of Consumer Prices by Eurostat.

Government officials are awaiting Friday's announcement of July inflation figures by the independent statistics authority ELSTAT with some trepidation. 

The resurgence of inflationary pressures is causing a new headache for the government and households.

This is a result of the recovery in energy prices, the maintenance of high food prices, as well as the large and numerous price increases in a range of services, from food and accommodation to transport, insurance and medical services.

Greece's harmonized index of consumer prices dropped in May to below the average inflation in the eurozone for the first time since last September, according to Eurostat estimates.

Food and services were the main culprits for the increase in the consumer price index, according to Eurostat

Eurostat's latest report revealed a slowdown in annual inflation across the European Union, with the figure dropping to 2.6% in March 2024 from 2.8% the previous month. Similarly, annual inflation in the euro area dipped to 2.4% from 2.6%. Compared to March 2023, the difference is stark, with annual inflation in the EU standing at 8.3% and 6.9% in the euro area.

In a recent report by the National Statistical Institute, Bulgaria's annual inflation rate for March witnessed a notable deceleration, settling at 3% compared to the previous month's figure of 3.0%. This marks the lowest inflation rate observed in the country since July 2021, when it also stood at 3 percent.