Bulgaria Registers 3.5% Inflation Y/Y in Oct 2011

In In October 2011, Bulgaria registered a monthly inflation of 0.8%, according to the National Statistics. File photo

The consumer price index (CPI) in October 2011 compared to September 2011 was 100.8%, meaning the monthly inflation was 0.8%.

The data was reported Monday by the National Statistical Institute (NSI).

The inflation rate since the beginning of the year (October 2011 compared to December 2010) was 2.3% and the annual inflation in October 2011 compared to October 2010 was 3.5%.

The annual average inflation, measured by CPI, in the last 12 months (November 2010 - October 2011) compared to the previous 12 months (November 2009 - October 2010) was 4.5%.

In October 2011 compared to the previous month the prices of goods and services in the main consumer groups have been changed as follows: food and non-alcoholic beverages - an increase of 1.5%; alcoholic beverages and tobacco - an increase of 0.1%; clothing and footwear - an increase of 4.2%; housing (rentals, maintenance and repair), water, electricity, gas and other fuels - an increase of 0.4%; furnishings, household equipment and routine maintenance of the house - a decrease of 0.2%; health - an increase of 0.2%; transport - a decrease of 0.3%; communications - the prices have remained at the level of the previous month; recreation and culture - a decrease of 0.2%; education - an increase of 1.3%; restaurants and hotels - an increase of 0.4%; miscellaneous goods and service - an increase of 0.3%.

The harmonized index of consumer prices (HICP) in October 2011 compared to September 2011 was 100.3%, i.e. the monthly inflation was 0.3%.

The inflation rate since the beginning of the year (October 2011 compared to December 2010) was 1.7% and the annual inflation in October 2011 compared to October 2010 was 3.0

The annual average inflation, measured by HICP, in the last 12 months (November 2010 - October 2011) compared to the previous 12 months (November 2009 - October 2010) was 3.7%.

In terms of HICP in October 2011 compared to the previous month the prices of goods and services in the main consumer groups have been changed as follows: food and non-alcoholic beverages - an increase of 1.2%; alcoholic beverages and tobacco - an increase of 0.1%; clothing and footwear - an increase of 3.7%; housing (rentals, maintenance and repair), water, electricity, gas and other fuels - an increase of 0.3%; furnishings, household equipment and routine maintenance of the house - an increase of 0.1%; health - an increase of 0.2%; transport - a decrease of 0.7%; communications - the prices have remained at the level of the previous month; recreation and culture - a decrease of 0.5%; education - an increase of 1.3%; restaurants and hotels - an increase of 0.2%; miscellaneous goods and service - an increase of 0.4%.

The price index of a small basket (PISB) in October 2011 compared to September 2011 was 101.0% and the overall increase since the beginning of the year (October 2011 compared to December 2010) was 102.9%.

In October compared to the previous month the prices of goods and services in the small basket for the 20% households with the lowest income, have changed as follows: food products - an increase of 1.4%; non-food products - an increase of 0.5%; services - the prices have remained at the level of the previous month.

he harmonized index of consumer prices (HICP) is the comparable measure of inflation across EU Member states. It is one of the criterions of price stability and for readiness of Bulgaria to join the Euro Zone.

HICP, as well as CPI, measures the total relative price change of goods and services. Both indices are calculated using the same basket of goods and services, but differ with respect to the used weights. HICP is calculated through the use of weights, which reflect the individual and the collective consumption of all households (incl. institutional and foreign households) on the economic territory of the country. The main source of information for HICP weights is the national accounts data.

The price index of a small basket (PISB) is a measurement of the relative average price changes of 100 socially useful and vital for the living goods and services. The weights of this index reflect he expenditures of the 20% lowest income households. The source of weights information is the Households Budget Survey in the country.

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