Bulgaria Registers 4.5% Inflation 2010 End

Bulgaria registered an inflation of 4.4% at the end of 2010, and an average 2010 inflation of 3%, according to final data of the National Statistical Institute.

In a statement on Wednesday, the Bulgarian Finance Ministry has pointed out that the final 2010 inflation figures are almost the same as its forecast, which has turned out to be more precise than the forecasts of international financial institutions and independent analysts.

In its report as part of the 2011 State Budget Act, the Finance Ministry forecast an inflation of 4.5% at the end of 2010, and an average 2010 inflation of 3.2%.

The Ministry states that the most important factor for the inflation in Bulgaria in 2010 were the international prices, especially with respect to the increase of the price levels of raw materials. The devaluation of the euro vis-a-vis the US dollar is another important factor.

The statement points out that Bulgaria's domestic consumption in 2010 was not a major inflationary factor, which led to a low basis inflation (of services and non-food items) of 0.4% at the end 2010.

The Bulgarian 2010 inflation data has been estimated using the harmonized index of consumer prices which is used in the EU.

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