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Bulgaria monthly CPI growth slows down to 0,6% in October

Date: 14.11.2007

Consumer prices in Bulgaria rose by 0,6% in October, the lowest figure since deflation was registered in June, preliminary data from the country's statistics board NSI showed on Tuesday.

Food prices rose by 1,0% for the month, prices in the services sector went up by 0,2%, while non-food prices rose by 0,3%, compared to September.

Year-on-year inflation at the end of the month fell to 12,4% from 13,1% the previous month. Cumulative inflation for the first ten months of the year was 9,5%, compared 8,9% at end-September.

The Socialist-led government initially targeted an inflation of 4,4% for the year, edging closer to meeting the requirements to adopt the euro by 2010.

But utility price hikes and the strong increase of food prices since July, when the consumer price index (CPI) rose by 2,2%, followed by a 3,1% rise in August, have dashed those hopes.

The cabinet has had to scrap its estimate and now predicts end-year inflation at 8%. Local analysts have labelled the official target as over-optimistic and are forecasting CPI growth at around 10-12% for the year.

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