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Bulgarian CPI shrinks in May, year-on-year inflation down to 3.9%

Fri, Jun 12 2009 13:10 CET byAlex Bivol 1252 Views
Bulgarian CPI shrinks in May, year-on-year inflation down to 3.9%

Photo: sxc.hu

Bulgaria's consumer price index (CPI) shrank in May by 0.3 per cent, the fifth time deflation was recorded in Bulgaria over the past 12 months, National Statistical Institute (NSI) data showed on May 12. Year-on-year inflation in Bulgaria eased to 3.9 per cent in May, compared to 4.8 per cent a month earlier.

Food prices were down 1.2 per cent, while service prices and non-food prices edged 0.1 and 0.3 per cent higher, respectively.

The harmonised consumer price index, the figure calculated by the statistics board for comparison with inflation in the European Union, was unchanged, while the year-on-year figure fell from 3.8 per cent to three 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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