Bulgaria Registers Negative May 2012 Inflation

In May 2012, Bulgaria registered a monthly inflation of -0.1%, according to the National Statistics. File photo

The consumer price index (CPI) in Bulgaria in May 2012, compared to April 2012, was 99.9%, i.e. the monthly inflation was -0.1%.

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

The inflation rate since the beginning of the year (May 2012 compared to December

2011) has been 1.6% and the annual inflation in May 2012 compared to May 2011 was 1.7%.

The annual average inflation, measured by CPI, in the last 12 months (June 2011 – May 2012) compared to the previous 12 months (June 2010 - May 2011) was 2.9%.

In May 2012, compared to the previous month, the prices of goods and services in the main consumer groups changed as follows: food and non-alcoholic beverages - an increase of 0.2%; alcoholic beverages and tobacco - the prices have remained at the level of the previous month; clothing and footwear - an increase of 0.3%; housing (rentals, maintenance and repair), water, electricity, gas and other fuels - a decrease of 0.1%; furnishings, household equipment and routine maintenance of the house - an increase of 0.2%; health - an increase of 0.4%; transport - a decrease of 2.2%; communications - the prices have remained at the level of the previous month; recreation and culture - a decrease of 0.2%; education - the prices have remained at the level of the previous month.

The harmonized index of consumer prices (HICP) in May 2012 compared to April 2012 was 99.9%, i.e. the monthly inflation was -0.1%.

The inflation rate since the beginning of the year (May 2012 compared to December 2011) has been 1.2% and the annual inflation in May 2012 compared to May 2011 was 1.8%.

The annual average inflation, measured by HICP, in the last 12 months (June 2011 - May 2012) compared to the previous 12 months (June 2010 – May 2011) was 2.5%.

In terms of HICP in May 2012 compared to the previous month the prices of goods and services in the main consumer groups changed as follows: food and non-alcoholic beverages - an increase of 0.5%; alcoholic beverages and tobacco - the prices have remained at the level of the previous month; clothing and footwear - an increase of 0.2%; housing (rentals, maintenance and repair), water, electricity, gas and other fuels - the prices have remained at the level of the previous month; furnishings, household equipment and routine maintenance of the house - the prices have remained at the level of the previous month; health - an increase of 2.4%; transport - a decrease of 1.8%; communications - the prices have remained at the level of the previous month; recreation and culture - a decrease of 0.3%; education - the prices have remained at the level of the previous month; restaurants and hotels - a decrease of 0.1%; miscellaneous goods and service - an increase of 0.1%.

The price index of a small basket (PISB) in May 2012 compared to April 2012 was 99.8% and the overall increase since the beginning of the year (May 2012 compared to December 2011) has been 101.5%.

In May compared to the previous month the prices of goods and services in the small basket for the 20% households with the lowest income, changed as follows: food products - a decrease of 0.4%; non-food products - an increase of 0.1%; services - the prices have remained at the level of the previous month.

The 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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