Bulgaria’s consumer prices increased by 7.3% y/y in November, reaching a ten-year peak, after rising by 6% y/y a month earlier. The consumer price index (CPI) moved up 6.8% compared to December and by 1.4% month on month, the National Statistical Institute (NSI) said on December 15.
Sharply rising prices prompted MPs to vote on December 15 in favour of a freeze on prices of electricity, water and heating until the end of March.
Food prices increased by 7.2% y/y in November, after rising by 5.9% y/y in October. Annual consumer price inflation was more significant in transport (up 22.9% y/y), housing (up 10.9% y/y), arts and entertainment (up 10.4% y/y) and restaurants and hotels (up 5.9% y/y).
Compared to the previous month, transport costs increased the most, by 2.8%, while prices of communications dropped by 0.4%.
The Harmonised Index of Consumer Prices (HICP) increased 6.3% y/y in November, after rising 5.2% y/y in October. The HICP was up 1.1% m/m in November.
The International Monetary Fund (IMF) has projected that consumer price inflation will reach 1.6% in 2021 and 2022.