Income and inflation: Basic foods in Bulgaria doubled in price over a year

Before the holidays in the country, the cost of the items that make up a traditional Christmas and New Year dinner is understandably important for most Bulgarians. In just one year the prices of basic food products in Bulgaria have almost doubled.

The highest spike is the price of eggs, which increased by more than 80%. The good news before Christmas is that the price pork is dropping. Compared to this time last year, its price has fallen by about 2%, according to data from the Commodity Exchange and Wholesale Markets State Commission.

Food prices started rising in mid-2021, data from the Commodity Exchange and Wholesale Markets State Commission show. Thus, if at the end of 2021 a standard purchase of basic food products - pulses, milk, meats and basic vegetables cost 85 BGN, today the same amount cost 108 BGN.

According to official statistics, the price of cheese has risen dramatically by 40% in the past 12 months, the price eggs hiked by 80% and seasonal fruit by 15%.

Vladimir Ivanov, chairman of the Commodity Exchange and Wholesale Markets State Commission: "There was an up-move in May, another one in November, now we have a hold. We have been at the same basket price for more than 20 days. That is, we are seeing a normalisation of the market and it is happening just before the holidays, when there is a strong demand."

According to national statistics, inflation at the end of November this year compared to the same period last year was 16.9%.

Inflation down but food prices up in November

Against this backdrop, the price hike of main food items was 27%.

Vladimir Ivanov, chairman of the Commodity Exchange and Wholesale Markets State Commission: "There is inflation in too many goods and services that have suffered a much weaker hit. That is why there is such a difference in the percentages. Basically, inflation is measured as a general indicator for the whole country, for the whole world, for an individual region and so on. And here we are talking about price changes in relation to a particular food group."

There could be a lasting calming of prices for basic food products once the energy market stabilises, the Commodity Exchange and Wholesale Markets State Commission said. Their forecast is that there will be no sharp spike in prices in the coming months.