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Bulgaria monthly CPI growth speeds up to 1,6% in November

Date: 13.12.2007

Consumer prices in Bulgaria rose by 1,6% in November, preliminary data from the country's statistics board NSI showed on Wednesday.

Food prices once again led the charge, rising by 2,3% in November, compared to 1,0% during the previous month.

Prices in the services sector went up by 0,5%, while non-food prices rose by 1,4%, compared to October.

Year-on-year inflation at the end of the month rose slightly to 12,6%, compared to 12,4% the previous month. Cumulative inflation for the first 11 months of the year was 11,3%, compared to 9,5% at end-October.

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 upped its end-year inflation forecast to 8%, and then again to 10%.

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