Economic Update: EU Inflation Holds Steady, Bulgaria Sees Decrease

Business » FINANCE | May 17, 2024, Friday // 13:42
Bulgaria: Economic Update: EU Inflation Holds Steady, Bulgaria Sees Decrease

In April, inflation across the European Union remained steady, with both the EU and the Eurozone recording a rate of 2.6% and 2.4%, respectively, according to data from Eurostat, the official statistics agency of the EU.

Bulgaria, however, experienced a slight decline in annual harmonized inflation, dropping to 2.5% in April. This marks the first time since August 2021 that Bulgarian inflation has fallen below the European average, with 13 other EU member states reporting higher inflation rates.

In the Eurozone, inflation rose by 0.6% month-on-month in April, contributing to a second consecutive month of 2.4% annual inflation. This figure represents a significant deceleration compared to the 7.0% inflation recorded in April 2023, bringing it closer to the European Central Bank's target of 2%.

Similarly, across the EU, the consumer price index (CPI) increased by 0.6% in April compared to March, with annual inflation holding steady at 2.6% for the second consecutive month. This is the lowest annual inflation rate since July 2021, contrasting sharply with the 8.1% inflation recorded in April 2023.

Lithuania, Denmark, and Finland reported the lowest annual inflation rates in April, at 0.4%, 0.5%, and 0.6% respectively, while Romania, Belgium, and Croatia recorded the highest rates at 6.2%, 4.9%, and 4.7% respectively.

In Bulgaria, harmonized consumer inflation declined by 0.1% in April compared to the previous month, with annual inflation slowing to 2.5% from 3.1% in March. This aligns with recent data from the National Statistical Institute (NSI), indicating a notable decrease from the 10.3% inflation recorded in April 2023.

The decrease in Bulgarian inflation to 2.5% brings it closer to the Eurozone average of 2.4%, marking a divergence from its previous trend since August 2021, where it consistently exceeded the EU average.

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Tags: inflation, Bulgaria, EU

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