Bulgaria Registers 0.5% Deflation March 2013 M/M

Business | April 12, 2013, Friday // 13:20
Bulgaria Registers 0.5% Deflation March 2013 M/M: Bulgaria Registers 0.5% Deflation March 2013 M/M The annual inflation in Bulgaria in March 2013 compared to March 2012 was 2.7%. File photo

The consumer price index in March 2013, compared to February 2013 was 99.5%, meaning the monthly inflation was -0.5%.

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

The inflation rate since the beginning of the year (March 2013 compared to December 2012) had been -0.1% and the annual inflation in March 2013 compared to March 2012 was 2.7%.

The annual average inflation, measured by CPI, in the last 12 months (April 2012 - March 2013) compared to the previous 12 months (April 2011 - March 2012) was 3.3%.

In March 2013 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 0.4%; alcoholic beverages and tobacco - an increase of 0.3%; clothing and footwear - a decrease of 0.8%; housing (rentals, maintenance and repair), water, electricity, gas and other fuels - a decrease of 3.1%; furnishings, household equipment and routine maintenance of the house - a decrease of 0.2%; health - the prices remained at the level of the previous month; transport - a decrease of 0.7%; communications - the prices remained at the level of the previous month; recreation and culture - a decrease of 1.3%; education - the prices remained at the level of the previous month; restaurants and hotels - a decrease of 0.1%; miscellaneous goods and service - the prices remained at the level of the previous month.

The harmonized index of consumer prices in March 2013 compared to February 2013 was 99.6%, i.e. the monthly inflation was -0.4%. The inflation rate since the beginning of the year (March 2013 compared to December 2012) had been 0% and the annual inflation in March 2013 compared to March 2012 was 1.6%.

The annual average inflation, measured by HICP, in the last 12 months (April 2012 - March 2013) compared to the previous 12 months (April 2011 - March 2012) was 2.5%.

In terms of HICP in March 2013 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 - an increase of 0.4%; clothing and footwear - a decrease of 0.7%; housing (rentals, maintenance and repair), water, electricity, gas and other fuels - a decrease of 3.0%; furnishings, household equipment and routine maintenance of the house - a decrease of 0.1%; health - the prices remained at the level of the previous month; transport - a decrease of 0.6%; communications - a decrease of 0.1%; recreation and culture - a decrease of 0.8%; education - the prices remained at the level of the previous month; restaurants and hotels - a decrease of 0.9%; miscellaneous goods and service - the prices remained at the level of the previous month

The price index of a small basket in March 2013 compared to February 2013 was 99.4% and the overall increase since the beginning of the year (March 2013 compared to December 2012) had been 100.4%.

In March 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 0.6%; non-food products - a decrease of 0.2%; services - a decrease of 3.9%.

The consumer price index (CPI) is the official measure of inflation in the Republic of Bulgaria. It measures the total relative price change of goods and services used by households for private (nonproduction) consumption and it is calculated by applying the structure of the final monetary consumption expenditures of the Bulgarian households. The main source of information for the expenditures is the household budget survey in the country.

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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