Bulgarias consumer price inflation decelerated further to 2.3% y/y in January 2012 from 2.8% y/y in December 2011, according to preliminary data of the statistics office. In monthly terms, consumer prices rose by 0.2% in January. The prices of food, healthcare services, transport, education, and hotels and restaurants pushed up the overall index during the month. The annual average inflation for the 12-month period ending in January 2012 reached 4% y/y, down from average of 4.2% in 2011. The EU harmonised inflation index (HICP), used as a benchmark for the euro adoption, also slowed down to 1.9% y/y from 2% y/y in December. In monthly terms, HICP rose by 0.3%. The government expects HCPI inflation to slow down to 2.8% at the end of 2012 and to an average of 3.2% in 2012. IntelliNews comment: Still weak consumption figures will continue to press down prices in the following months while administrative upward corrections of energy prices will have the opposite impact. |
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