Cost of Living in Bulgaria Drops for First Time in 25 Years – Trade UnionSociety | January 30, 2015, Friday // 17:57| views
President of the Confederation of Independent Trade Unions of Bulgaria (KNSB) Plamen Dimitrov. Photo: BGNES
The cost of living in Bulgaria recorded a drop for the first time in 25 years, announced the Confederation of Independent Trade Unions of Bulgaria (KNSB).
In December 2014, the monthly cost of living was BGN 561 per person in a four-member household (two adults and two children).
In order to cover its basic expenses on food, education, healthcare and residence this household must have a monthly income of BGN 2247.
The cost of living increases with 0.1 % compared to the previous three-month period, while it registers a decrease of 0.6 % on an annual basis, which is a record drop for the last 25 years.
According to KNSB, the main factors affecting the continuing decrease in the cost of living are the drops in the prices of electricity and fuels.
Other factors contributing to this development are the drop in the prices of sugar, sunflower, oil and the low inflation in the European Union (EU) and the Eurozone.
Around 80 % of households live with a total income per person that is below the necessary revenue required to meet the cost of living.
This is a trend that has been maintained in the past two years.
More than a half of the households have an income per person that is below the minimum working wage (BGN 340), which represents 60 % of the necessary revenue required to meet the cost of living.