Bulgaria Sees Prolonged Deceleration in Annual Inflation Rate for December 2023

In December 2023, Bulgaria continued its trend of a single-digit annual inflation rate for the seventh consecutive month, according to the National Statistical Institute (NSI). The report reveals a 0.3% monthly inflation rate, contributing to an annual inflation rate of 4.7% compared to December 2022. The annual average inflation rate for the entire year of 2023, in contrast to the previous year, stands at 9.5%.

The NSI's breakdown of consumer groups indicates varying price movements. Sectors experiencing an increase in prices include Recreation and Culture (2.4%), Restaurants and Hotels (0.7%), Miscellaneous Goods and Services (0.7%), Food and Non-Alcoholic Beverages (0.7%), Alcoholic Beverages and Tobacco (0.3%), Housing, Water, Electricity, Gas, and Other Fuels (0.1%), and Health Care (0.1%).

Conversely, certain consumer groups witnessed a decline in prices, notably Transport (1.5%), Clothing and Footwear (0.6%), and Communications (0.3%). Prices of services in Education and Furnishings, Household Equipment, and Routine Home Maintenance remained unchanged.

This sustained deceleration in the annual inflation rate signifies a degree of stability in Bulgaria's economic landscape, providing insights into the country's overall price dynamics and consumer spending trends.

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