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Nikola Stoyanov: We Have Reversed The Rate of Inflation Despite Record Highs in August 2022

Nikola Stoyanov: We Have Reversed The Rate of Inflation Despite Record Highs in August 2022

The caretaker cabinet has reversed the rate of inflation, despite the record high levels we saw in early August last year. This was announced by the Minister of Economy and Industry Nikola Stoyanov during the government report today. He added that in October 2022, for the first time in the last 18 months, a decline in inflation was recorded, and the rate of decline continues.

‘We took over the government in a situation in which inflation had reached a historic peak, comparable only to that of 1998,’ Nikola Stoyanov stressed. In his words, a number of analysts were of the opinion that the trend would grow and reach a peak in mid-2023. ‘The government has shown that with teamwork and consistent action in the energy sector, it can break the inflationary growth in just a few months,’ the Economy Minister added.

Stoyanov’s words made it clear that after two consecutive months of decline — October and November — the same levels were maintained in December. This was seen as a positive signal, as before the Christmas and New Year holidays demand traditionally increases, which stimulates price growth.

‘Now the most important goal is to continue this trend, so that every person feels a real reduction in costs,’ Nikola Stoyanov stressed. He added that the primary task is to reduce the prices of basic necessities and food products, which are on the table of the Bulgarians every day. ‘This will allow Bulgaria to reach the criteria for joining the euro area’, Stoyanov further explained.

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