The European Central Bank (ECB) has published its Convergence Report 2008 that states there is considerable risk of inflation in Bulgaria to continue rising.
Over the reference period from April 2007 to March 2008, Bulgaria recorded a 12-month average inflation rate of 9.4%, which is considerably above the reference value of 3.2% accepted in the Eurozone, the report says.
"Inflation is expected to rise further in the coming months," the report reads.
Looking ahead, the latest available inflation forecasts from major international institutions range from 9.1% to 9.9% for 2008 and from 5.9% to 6.0% for 2009.
"Risks to these inflation projections are on the upside and are associated with larger-than-expected increases in energy, food and administered prices," the document says.
The Convergence Report is an assessment of the economic and legal convergence of ten EU Member States: Bulgaria, the Czech Republic, Estonia, Latvia, Lithuania, Hungary, Poland, Romania, Slovakia and Sweden.
It examines whether a high degree of sustainable economic convergence has been achieved and gauges compliance with the statutory requirements to be fulfilled for national central banks to become an integral part of the Eurosystem.