In July, annual inflation in the Eurozone increased slightly to 2.6%, up from 2.5% in June. For the entire European Union, inflation reached 2.8%, rising from 2.6% the previous month, according to Eurostat.

In Bulgaria, annual harmonized inflation also held steady at 2.8% in July, the same as the average for the EU. This marks the second consecutive month that inflation in Bulgaria has been in line with the EU average. Among EU member states, 15 have lower inflation rates compared to Bulgaria, while 11 have higher rates.

The highest inflation rates in July were reported in Romania at 5.8%, Belgium at 5.4%, Hungary at 4.1%, and Poland at 4.0%. Conversely, the lowest inflation was observed in Finland at 0.5%, Latvia at 0.8%, Denmark at 1.0%, and Lithuania at 1.1%.

Price stability remains the sole Maastricht Treaty criterion that Bulgaria does not meet for joining the Eurozone. Although Bulgaria’s annual inflation in July was consistent at 2.8%, consumer prices rose by 1.2% month-on-month, following a 0.2% increase in June. Typically, inflation tends to rise during the summer months due to increased consumption related to holiday travel.