Bulgaria's Eurozone Entry Coincides with Price Hike, Minister Explains

Bulgaria's Minister of Finance Galab Donev has clarified that the recent price increase in the country is not due to its adoption of the euro. Speaking at a conference, he stated that high inflation simply coincided with the country's entry into the eurozone.

Donev attributed the rise in prices to various factors, including the crisis in the Strait of Hormuz, which had a significant impact on international markets. He noted that Bulgaria is an open economy and relies heavily on imports, making it vulnerable to global price fluctuations.

The Minister pointed out that prices began rising last summer due to increased electricity and fuel costs, as well as disrupted supply chains in the Black Sea region. The country's wheat harvest has been severely impacted by the low levels of the Danube River, further contributing to inflation.

Donev emphasized that while measures are being taken to contain prices, it is impossible to completely prevent price increases due to the unpredictability of international conflicts.