Project: ‘Improving Harmonised Indices of Consumer Prices, Activity 1: New methodologies for the HICP - Preparatory work towards the implementation of COICOP 2018’

In April 2023, the National Statistical Institute has started work on project: ‘Improving Harmonised Indices of Consumer Prices, Activity 1: New methodologies for the HICP - Preparatory work towards the implementation of COICOP 2018’ according to Grant agreement with the European Commission № 101103141-2022-BG-PRS.

The project covers the following activities:

• Research the possibility of constructing HICP weights in the case that detailed HBS data,  in accordance with COICOP 2018, are not yet available;
• Classification of the existing basket of products according to COICOP 2018;
• Research the possibility of creating back series in COICOP 2018.

The expected outcome of the actions will be that the first steps towards COICOP 2018 implementation into Bulgarian CPI/HICP will be done. A number of practical issues as regards the  application of the COICOP 2018 classification will be investigated and the plan for their solving will be developed. The successful accomplishment of the planned activities will be the basis for the implementation of the new classification from year 2026 and for the compilation of the HICP back series.

The duration of the project will be 17 months and will end in August 2024.