Production prices in the country rise by 0.3% in September

The prices of goods produced in Bulgaria and intended for the local market increased by 0.3% in September, according to figures from the National Statistical Institute. The increase is entirely due to the manufacturing industry, where producer prices rose by 0.8% on average from August to September. On an annual basis, compared to September 2011, industrial producer prices increased by 6.6%, again due to the manufacturing industry where commodity prices increased by 5.8% in a year. The highest rise in prices was recorded in the manufacture of tobacco products (+8%), food products (6.7%) and chemical products (5.4%). Local companies' production is also more expensive for customers abroad. This is evident from the national statistics' overall index of producer prices in industry, which includes both domestic prices and prices for the foreign market. On a monthly basis, local produce was 0.9% more expensive in September, compared to August and, on an annual basis, compared to September 2011 the price increase was 5.4%. This means that Bulgarian goods are losing competitiveness in terms of prices on the international market.

For consumers in Bulgaria, the higher manufacturing inflation is an indicator for a subsequent jump in prices and a reason for comparisons to income growth. The latest data of the National Statistical Institute showed that the total average income per person in a household amounted to BGN 1,071 in the second quarter of the year, or BGN 357 per month, which is 13.8% more than the same period last year.

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