Data from the Fiscal Council indicate that prior to adopting the euro, inflation trends varied across countries. Estonia experienced a strong increase, Latvia had negative to moderate inflation, while Slovenia, Slovakia, and Croatia recorded moderate changes.

During the first year after switching to the euro, three countries saw inflation rise: Slovenia by 1.3 percentage points, Estonia by 2.4 pp, and Latvia by 0.7 pp. Meanwhile, Slovakia experienced a decline of 3.0 pp, Lithuania 0.9 pp, and Croatia 2.1 pp.

By the second and third years, inflation stabilized in all six countries, returning to moderate levels. Even in Croatia, where inflation initially increased, the figures remained lower than the period immediately preceding euro adoption.

Experts emphasize that inflation is driven by real economic factors, such as military conflicts affecting the country, production costs, consumer demand, energy prices, and fiscal policies, rather than the currency change itself. The introduction of the euro represents a nominal adjustment, with prices and wages converted at a fixed rate without expanding the money supply. In Bulgaria’s case, the existing currency board further prevented inflationary pressures. Historical experience from eurozone countries shows only minor one-time effects, with public perception of rising prices often stronger than actual inflationary changes.