Bulgaria's consumer prices rose by 15.6% year-on-year in May

Bulgaria's consumer prices rose by 15.6% year-on-year in May

Bulgaria's consumer prices rose by 15.6% year-on-year in May, following an annual increase of 14.4% in March, the National Statistical Institute (NSI) said on Wednesday.

On a monthly comparison basis, consumer prices went up by 1.2% in May, after adding 2.5% in April, the statistical office said in a monthly inflation report.

Transport prices again registered the highest year-on-year increase, of 32.6%, NSI data showed.

Prices of food and non-alcoholic beverages, which have the largest weight in the consumer basket, were 22.7% higher in May than in the same month of 2021. Prices in the other major category - housing, water, electricity, gas and other fuels, went up 17.5% on the year.

Bulgaria’s EU-harmonised consumer price index (HICP) climbed 13.4% on an annual comparison basis in May and was 1.3% higher than in March.

The inflation rate continued its upward trend, accelerating by 9.1% since the start of 2022.

Last week, Bulgaria's finance ministry raised its average inflation forecast for 2022 to 11.9% in the budget revision bill, up from the 5.6% projected in February, on account of the higher-than-expected increase in the prices of food and non-energy non-food prices

In its own spring economic forecast for the current year, the European Commission in May also projected inflation rate in Bulgaria to reach 11.9% in 2022, before abating to 5% in 2023.

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