Consumer prices in Bulgaria down 1.4% y/y in October 2013

By bne IntelliNews November 13, 2013

Bulgaria's aggregate price level recorded a third consecutive annual decline as the consumer price index went down by 1.4% y/y in October 2013 after falling by 1.6% in September and 0.7% in August, data published by the statistics office showed. Low domestic demand, coupled with two administratively imposed cuts in the price of electricity this year (by an average of 7% in March and 4.3% in August) and lower international energy prices were the main reasons for the consistently falling price level in the country.

The electricity price declined by 11.1% in October. As a result, the housing and utilities sub-index of the CPI also decreased by 6.6% y/y. Healthcare and transport prices dropped by 2.2% y/y and 2.5% y/y respectively. Meanwhile, the price of food inched up 0.3% y/y in October, mainly due to vegetables, the prices of which traditionally increase in the autumn. Prices of alcoholic beverages and tobacco were up 0.9% y/y.

In monthly terms, consumer prices rose 0.5% in October after inching up 0.1% the previous month, driven by the rising cost of food during the autumn season.

The statistics office also informed that the EU-harmonised CPI inflation (HICP), used as a benchmark for the euro adoption, dropped 1.1% y/y in October, while advancing 0.2% on a monthly basis.

Bulgaria's CPI, y/y, % Weight in the basket, % Jul-13 Aug-13 Sep-13 Oct-13
Total 100 0.5 -0.7 -1.6 -1.4
Food 36.4 3 1.2 -0.3 0.3
Alcoholic beverages and tobacco 5.3 0.7 0.7 0.7 0.9
Clothing and footwear 3.8 -0.6 0 0.2 0.3
Housing, water, electricity, gas and other fuels 17.8 -3.4 -5.7 -6.1 -6.6
Furnishings, household equipment and routine household maintenance 3.6 -0.4 0.7 -0.5 -1.0
Health 6.4 -3.7 -3.7 -3.1 -2.2
Transport 8 -0.5 -1.9 -3.2 -2.5
Communication 5.4 -0.4 -0.5 -0.3 0.4
Recreation and culture 4.3 0.2 0.2 -2.7 -3.8
Education 0.4 3.8 3.8 2.7 0.9
Restaurants and hotels 5.1 4 4.1 3.4 2.8
Miscellaneous goods and services 4.3 1.2 0.8 0.2 0.3
Source: statistics office          

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