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Bulgaria Inflation December 2023

Bulgaria: Inflation drops to lowest level since August 2021 in December

Inflation fell to 4.7% in December from November’s 5.4%. December’s figure represented the lowest inflation rate since August 2021. The reading was largely due to slower growth in prices for food and non-alcoholic beverages. In addition, price pressures for housing, water, electricity, gas and other fuels rose at a slower rate.

The trend pointed down, with annual average inflation coming in at 9.5% in December (November: 10.5%). Meanwhile, harmonized inflation fell to 5.0% in December, from the previous month’s 5.5%.

Lastly, consumer prices increased 0.27% over the previous month in December, coming in below November’s 0.33% rise. December’s result marked the weakest reading since September.

Analysts at the EIU commented on the outlook:

“We forecast that inflation in Bulgaria will slow sharply in 2024 to an average of 3.1%, bringing it closer to wider EU trends. […] Disinflation will be supported by monetary tightening, slowing economic growth depressing overall demand and declining global commodity prices, particularly for energy. However, a tight labour market and still-high food and energy prices mean that inflation will remain difficult to address.”

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