A decrease in the percentage of annual inflation in January - to 4.0% according to EU standards

According to preliminary data of the National Statistical Institute (NSI), monthly inflation for January 2024 is 0.5%, and annual inflation is 3.8% (for January 2024 compared to January 2023, when inflation of 16.7% was recorded) - measured by the Consumer Price Index (CPI) calculated by the NSI.

In the first month of the year, on a monthly basis, the biggest increase was in the prices of housing, water, electricity, gas and other fuels (+2.2%), food products and soft drinks (+1.0%), education (+0.8%) and healthcare (+0.6%). There is a more serious decrease in prices for clothing and shoes (-3.5%) and transport (-1.7%).

The average annual inflation for the period February 2023 - January 2024 compared to the period February 2022 - January 2023 is 8.4%.

Measured by the Harmonized Index of Consumer Prices (HICP, Eurostat standards), monthly inflation in January was 0.2%, and annual (January 2024 vs. January 2023) inflation was 4.0%.

Average annual inflation for the period February 2023 - January 2024 compared to the period February 2022 - January 2023 is 7.8% - measured by HIPC.

The NSI registered the largest increase in the prices of food products (measured by CPI) for pepper - by 18.5%, green onions, garlic and leeks - by 11.1%, cabbage - by 9.9%, leafy vegetables - by 9.9%, cucumbers - by 8.7%, olives - by 7.1%, tomatoes - by 6.1%, potatoes - by 3.9%, pasta - by 3.7%, etc. More significant is the decrease in the price of oil - by 3.2%, sour milk - by 1.2%.

Of the non-food goods and services, there was a strong increase in sewage and water treatment services - by 20.7% and water supply - by 18.3%. NSI registered a decrease in the prices of international flights - by 23.5%, central gas supply - 8.0%, methane for LTS - 4.1%, clothing - 3.9%, pellets - by 3.0%, gasoline A95H - by 2.9%, shoes - by 2.8%, diesel fuel - by 2.7%, gasoline A100H - by 2.4%.

NSI clarifies that the Consumer Price Index (CPI) is the official measure of inflation in Bulgaria. It estimates the total relative change in the prices of goods and services used by households for personal (non-productive) consumption, and is calculated by applying the structure of the final monetary consumption expenditure of Bulgarian households. The main source of information on expenses is the survey of household budgets in the country.

The Harmonized Index of Consumer Prices (HICP) is a comparable measure of inflation across EU countries, calculated by Eurostat. It is one of the criteria for price stability and for Bulgaria's accession to the Eurozone. The HIPC, like the CPI, measures the overall relative change in the price level of goods and services. The two indexes are calculated from the same basket of goods and services and from the same prices, but differ in the weights used. The HIPC is calculated with weights representing the relative shares by group of goods of the individual and collective consumption of all households (including institutional and foreign) in the country's economic territory. The main source of information on weights is data from national accounts.

In compliance with the requirements of Regulation (EU) No. 2015/2010, from the beginning of 2016, the base year for the HIPC was changed and all indices are calculated and published based on the year 2015.