The head of the National Revenue Agency (NRA), Rumen Spetsov, addressed concerns about inflation, stressing that the data he shared regarding price increases of between 5% and 40% on certain products over a two-week period were preliminary and not yet fully analyzed. Spetsov confirmed that the agency is actively monitoring potential speculation but clarified that these figures are "raw" and that a comprehensive analysis has already been completed. This report will first be submitted to the Consumer Protection Commission (CPC) and the Commission for Competition Oversight (CCO) before being released publicly.

Spetsov emphasized that there is no widespread inflation occurring as the media portrayal might suggest. He pointed out that the reported price hikes show a clear territorial pattern and are limited in scope, calling the notion of inflation based on these figures "pure speculation."

This stance drew criticism from Lyubomir Datsov of the Fiscal Council, who urged government officials from the CPC, CCO, and NRA to refrain from making public statements that cause confusion. Datsov pointed out that the NRA head’s claim about a 40% increase in mineral water prices referred only to a specific company and not the entire category. He also stressed the social dimension of inflation, noting that psychological factors can drive price rises when consumers expect to be overcharged.

According to Datsov, part of the inflationary pressure stems from administrative price increases and upcoming product taxes, such as on electrical appliances, which will raise costs independently of the euro adoption. He warned that inflation is not driven by the euro itself but by increased incomes flowing through the economy without proportional productivity gains.

Datsov also called into question the NRA’s role in making inflation-related statements, arguing that price monitoring is not within its mandate, and that additional procedures introduced by tax authorities might burden businesses and add to inflationary pressures. He expressed confidence that despite temporary price increases and market manipulations, the situation would eventually stabilize.

On another note, Datsov addressed the proposal by Simeon Dyankov, former finance minister and current Fiscal Council chairman, to impose an additional tax on banks. He clarified that the Fiscal Council operates by consensus and that this particular idea lacks broad support among its members.

As Bulgaria prepares to join the eurozone, state institutions have intensified monitoring of prices for basic goods. Vladimir Ivanov, chairman of the State Commission for Commodity Exchanges and Markets, reported that cherries have seen the largest price increase, with wholesale prices around 10 leva per kilogram, though some sellers charge up to 20 leva. He noted that prices in stores also vary depending on quality and other factors.

Ivanov detailed price changes for several products between May and June: rice increased by 3 stotinki (cents), flour by 2, and oil by 9. He said a price increase of more than 1-2% for final products is unusual and that authorities are closely watching certain stores showing suspiciously high markups.

He highlighted examples of excessive retail profits, such as cucumbers sold at 7 leva in some Sofia markets while wholesale prices remain under 2 leva. Ivanov warned that markups of 80-100% lack justification, although demand persists despite inflated prices.

According to Ivanov, yellow cheese prices have risen by 7% compared to last year, while other cheese varieties remained stable. He noted the competitive nature of the market and cautioned that fierce price competition often results in reduced product quality.

In the National Assembly, deputies responded to the NRA’s report, suggesting transparency as a key tool to enhance market competition. Martin Dimitrov proposed creating a national database accessible online, where consumers can compare prices and promotions across retail chains, thereby encouraging competition.

Economists Vasil Karaivanov and Rumen Galabinov, commenting on the proposal on NOVA NEWS, underscored the importance of consumer access to price information. Karaivanov explained that informed consumers naturally gravitate toward better prices, which pressures sellers to remain competitive. Galabinov noted that price comparison platforms already exist for goods like cars and real estate, though it remains uncertain whether a similar system for groceries should be state-run or privately managed. Both agreed that increasing competition is crucial for the Bulgarian economy’s health.