Bulgarias annual consumer inflation edges down to 1.6% in Jun 2012.

By bne IntelliNews July 13, 2012
Bulgarias annual consumer price inflation edged down to 1.6% in June after it stayed at 1.7% in the previous three months, statistics office data showed. In monthly terms, consumer prices dropped by 1%. The slight decrease was mainly driven by annual drops in the prices of household goods, communication, recreational and culture services and clothes. Prices of education, transport and utilities rose the most (by 6% y/y, 3.5% y/y and 4.9% y/y, respectively). IntelliNews comment: It may be expected though that the downward movements in CPI will not last long and will end most probably already in July-August as the government approved a 13% hike in the price of electricity as of Jul 1, which will have an upward pressure on the index. The annual average inflation for the 12-month period ending in June 2012 slowed to 2.7% from 2.9% a month earlier. Consumer prices have increased by 0.5% since the beginning of the year. The EU harmonised inflation index (HICP), used as a benchmark for the euro adoption, rose by 1.6% y/y in June, slightly down from 1.8% y/y in May. In monthly terms, the HICP dropped by 0.5%. The government sees end-2012 HICP inflation at 2.6% and the average inflation is forecast at 2.1% this year.

Bulgarias annual consumer inflation edges down to 1.6% in Jun 2012.

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