Bulgaria’s inflation hits new record of 15.6% y/y in May

Bulgaria’s inflation hits new record of 15.6% y/y in May
By bne IntelliNews June 16, 2022

Bulgaria’s consumer prices increased by 15.6% y/y in May, after rising by 14.4% y/y in April, reaching the highest level since July 2008, the statistics office reported on June 15.

Inflation has been rising for 15 consecutive months but started speeding up in the past several months due to surging energy prices. It reached a nine-year high in September 2021, going up by 4.8% y/y, and continued climbing in the following months, accelerating after the start of the war in Ukraine.

The consumer price index (CPI) moved up 1.2% month-on-month and was by 9.1% higher from end-December, the National Statistical Institute (NSI) said in a statement.

Food prices increased by 22.7% y/y in May, after rising by 21.3% y/y in April. Annual consumer price inflation was more significant in transport (up 32.6% y/y), restaurants and hotels (up 17.9% y/y), utilities (up 17.5% y/y) and housing (up 11.4% y/y).

Compared to the previous month, transport costs increased the most, by 3.2%, followed by restaurants and hotels (+2% m/m) and food prices (+1.8% m/m).

The Harmonised Index of Consumer Prices (HICP) increased 13.4% y/y in May, after rising 12.1% y/y in April. The HICP was up 1.3% m/m in May.