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Annual Inflation in Bulgaria at 4.4% in October 2012

Business | November 13, 2012, Tuesday // 13:57| Views: 1341 | Comments: 0
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Annual Inflation in Bulgaria at 4.4% in October 2012: Annual Inflation in Bulgaria at 4.4% in October 2012 In October 2012, Bulgaria registered a monthly inflation of 0.3%., according to the National Statistics. File photo

The consumer price index in Bulgaria in October 2012, compared to September 2012, was 100.3%, i.e. the monthly inflation was 0.3%.

The data was reported Tuesday by the Bulgarian National Statistical Institute (NSI).

The inflation rate since the beginning of the year (October 2012 compared to December 2011) had been 4.0% and the annual inflation in October 2012 compared to October 2011 was 4.4%

The annual average inflation, measured by CPI, in the last 12 months (November 2011 - October 2012) compared to the previous 12 months (November 2010 - October 2011) was 2.8%.

In October 2012, compared to the previous month, the prices of goods and services in the main consumer groups changed as follows: food and non-alcoholic beverages - an increase of 0.3%; alcoholic beverages and tobacco - the prices remained at the level of the previous month; clothing and footwear - an increase of 4.7%; housing (rentals, maintenance and repair), water, electricity, gas and other fuels - an increase of 0.4%; furnishings, household equipment and routine maintenance of the house - an increase of 0.5%; health - a decrease of 0.8%; transport - a decrease of 1.7%; communications - a decrease of 0.2%; recreation and culture - an increase of 1.4%; education - an increase of 2.3%; restaurants and hotels - an increase of 0.7%; miscellaneous goods and service - an increase of 0.1%.

The harmonized index of consumer prices in October 2012, compared to September 2012, was 99.9%, i.e. the monthly inflation was -0.1%.

The group 'transport' had the biggest downward impact on the total HICP that measures the change in prices of the goods and services, consumed by all households (including foreign households) on the economic territory of the country. Differences between CPI and HICP are due to different coverage of the HICP and CPI in respect of treatment of the consumption by both non-resident and institutional households.

The inflation rate since the beginning of the year (October 2012 compared to December 2011) had been 2.7% and the annual inflation in October 2012 compared to October 2011 was 3.0%

The annual average inflation, measured by HICP, in the last 12 months (November 2011 - October 2012) compared to the previous 12 months (November 2010 - October 2011) was 2.3%.

In terms of HICP in October 2012 compared to the previous month the prices of goods and services in the main consumer groups changed as follows: food and non-alcoholic beverages - an increase of 0.3%; alcoholic beverages and tobacco - the prices remained at the level of the previous month; clothing and footwear - an increase of 4.1%; housing (rentals, maintenance and repair), water, electricity, gas and other fuels - an increase of 0.2%; furnishings, household equipment and routine maintenance of the house - an increase of 0.2%; health - a decrease of 0.6%; transport - a decrease of 1.8%; communications - a decrease of 0.2%; recreation and culture - an increase of 0.9%; education - an increase of 2.2%; restaurants and hotels - an increase of 0.9%; miscellaneous goods and service - an increase of 0.3%.

The price index of a small basket in October 201, compared to September 2012' was 100.2% and the overall increase since the beginning of the year (October 2012 compared to December 2011) had been 105.0%.

In October compared to the previous month the prices of goods and services in the small basket for the 20% households with the lowest income, changed as follows: food products - an increase of 0.2%; non-food products - an increase of 0.6%; services - the prices remained at the level of the previous month.

The harmonized index of consumer prices (HICP) is the comparable measure of inflation across EU Member states. It is one of the criterions of price stability and for readiness of Bulgaria to join the Euro Zone.

HICP, as well as CPI, measures the total relative price change of goods and services. Both indices are calculated using the same basket of goods and services, but differ with respect to the used weights. HICP is calculated through the use of weights, which reflect the individual and the collective consumption of all households (incl. institutional and foreign households) on the economic territory of the country. The main source of information for HICP weights is the national accounts data.

The price index of a small basket (PISB) is a measurement of the relative average price changes of 100 socially useful and vital for the living goods and services. The weights of this index reflect he expenditures of the 20% lowest income households. The source of weights information is the Households Budget Survey in the country.

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Tags: annual, average, monthly, inflation, NSI, consumer price index, CPI, price index of a small basket, PISB, harmonized index of consumer prices, HICP
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