Bulgarian parliament bans economically unjustified consumer price increases

Bulgaria's parliament on Thursday approved amendments to the Consumer Protection Act aimed at curbing what lawmakers described as economically unjustified increases in consumer prices and boosting price transparency.

Under the changes, retailers will be required to publish their selling prices online on a daily basis.

If regulators identify a price increase, they will be able to set a deadline for the retailer to demonstrate its economic justification. Failure to provide sufficient evidence will result in the increase being deemed unjustified.

Fines for violations will range from 1,000 euros to 100,000 euros.

The amendments also require the Consumer Protection Commission to publish daily information on individual retail prices, wholesale prices and the "fair value" of selected goods designated by the economy minister.

During the parliamentary debate, Velislav Panev of the Democratic Bulgaria coalition said the changes would give authorities additional tools to exert pressure on retailers.

One of the bill's sponsors, Yavor Gechev, defended the measures, saying that once the law and a package of related regulatory changes enter into force, supervisory authorities would no longer be able to cite a lack of enforcement tools.

Editor: Diana Tsankova