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Inflation edges down to 4.8% in April

Wed, May 13 2009 15:25 CET byAlex Bivol 708 Views
Inflation edges down to 4.8% in April

Photo: Anelia Nikolova

Year-on-year inflation in Bulgaria eased to 4.8 per cent in April, compared to 4.9 per cent a month earlier, National Statistical Institute (NSI) data showed on May 13.

Prices rose by 0.7 per cent in April, compared with a 0.2 per cent decrease the previous month. Food prices were unchanged and service prices rose by 0.3 per cent, while non-food prices jumped 2.4 per cent up.

The harmonised consumer price index (CPI), the figure calculated by the statistics board for comparison with inflation in the European Union, rose by 0.5 per cent on the month, while the year-on-year figure fell from four per cent top 3.8 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 four months of the year, cumulative inflation was one 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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