Concerns Rise as Small Consumer Basket in Bulgaria Sees 5.9% Price Hike

Society | January 31, 2024, Wednesday // 18:26
Bulgaria: Concerns Rise as Small Consumer Basket in Bulgaria Sees 5.9% Price Hike @Pixabay

The Institute for Social and Trade Union Research has revealed that the value of the small consumer basket, consisting of 20 essential products, witnessed a substantial 5.9% increase in 2023 compared to the previous year. This surge, from BGN 107.03 to BGN 113.72, has raised concerns about the economic well-being of the general population.

According to Lyuboslav Kostov, the director of the institute, some key items experienced significant price hikes. Minced meat prices rose by 30%, pork by 21%, and apples by nearly 40%. On the flip side, the prices of tomatoes and oil decreased by 10% to 20%. This dynamic and uneven pricing landscape have added complexity to the challenges faced by consumers.

Furthermore, the comparison of Bulgaria with other countries paints a worrying picture. Bulgarians earning the minimum wage find it increasingly difficult to afford the basic product basket multiple times, signaling a potential rise in the working poor segment. Kostov emphasized that the growth rate of the minimum wage in Bulgaria lags behind the upward trajectory of prices, leading to a decline in consumption and an increase in the working poor demographic.

Bulgaria has now found its place among the top 10 countries globally with the highest food inflation rates, reflecting the economic strain on the average consumer. The impact of this inflationary trend extends beyond individual households, influencing broader economic indicators.

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Tags: consumer basket, inflation, rising costs, working poor

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