Industrial producer price growth in Bulgaria moderated in March, according to data released by the National Statistical Institute (NSI). The overall Producer Price Index (PPI) registered an 8.1% increase on a year-on-year basis for March. While the index saw a month-over-month decline of 0.8% compared to the preceding month, the annual rate remained significantly elevated compared to the figures recorded in March of the previous year.
Examining the components of the PPI, the NSI reported mixed trends when comparing March to February. Prices for the production and distribution of electricity, heat, and gas decreased by 7.7%. Conversely, the mining sector experienced an increase of 3.3%, and the manufacturing industry saw a rise of 2.2%.
On an annual comparison basis for March, price increases were noted across several key sectors. The mining industry recorded a substantial annual growth of 40.4%, while manufacturing prices rose by 4.9%. The production and distribution of electricity, heat, and gas showed a modest annual increase of 0.8%.
For context, the beginning of the year showed an initial surge in industrial producer prices, registering a 5.9% month-on-month increase and an 11.3% increase year-on-year. This upward momentum slowed in February, which saw the monthly increase taper to 0.1% and the year-on-year growth reach 8.4%.
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This moderation in producer price growth is a positive sign for the economy.