Bulgarias Inflation Hits the MarkEurozone Entry Nearing

Novinite.com
24 Feb 2025, 20:41 GMT+10

Bulgaria has officially met the inflation criterion required for eurozone accession, aligning precisely with the set threshold. The latest data from Eurostat, which provides the final and official figures, confirms this achievement.

The country's average annual inflation over the last 12 months stands at 2.6%. According to Eurostat's methodology, the reference value is determined by calculating the average inflation rate of the three EU nations with the lowest figures, then adding 1.5 percentage points. In this case, Italy (1.1%), Lithuania (1.0%), and Ireland (1.2%) had the lowest inflation rates, resulting in an arithmetic mean of 1.1%. With the additional 1.5 percentage points, the reference value reaches exactly 2.6%?matching Bulgaria's inflation rate.

This anticipated outcome allows the government to formally request a reassessment of Bulgaria's economic indicators through a new convergence report by the European Commission. If both the European Commission and the European Central Bank determine that Bulgaria fulfills all three main criteria for eurozone entry, they must issue a report specifying a potential accession date.

The process of drafting a convergence report typically takes no more than two months, meaning Bulgaria could receive an official evaluation soon.

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