Serbia Inflation April 2018


Serbia: Inflation moderates to one-and-a-half year low in April

May 15, 2018

Consumer prices increased 0.4% from the previous month in April, above March’s 0.1% print. According to the Statistical Office of the Republic of Serbia, higher prices for clothing and footwear, transport, and food and non-alcoholic beverages were largely behind the monthly increase.

Inflation moderated from 1.4% in March to 1.1% in April, again coming in below the Central Bank’s target range of 3.0% plus or minus 1.5 percentage points. April’s print marked the fourth consecutive drop and the lowest figure since September 2016. Annual average inflation, meanwhile, slowed to 2.5% in April from 2.8% in March.

Core inflation—which excludes volatile items including energy, food, alcohol and cigarettes—remained stable in April at the 0.8% figure recorded in March.

The National Bank of Serbia’s inflation target for this year and next is 3.0% plus or minus 1.5 percentage points. FocusEconomics Consensus Forecast panelists expect inflation to average 2.6% in 2018, which is unchanged from last month’s forecast. They see inflation accelerating to 3.3% in 2019.

Author: Jean-Philippe Pourcelot, Economist

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Serbia Inflation Chart

Serbia Inflation April 2018

Note: Year-on-year and month-on-month variation of consumer prices in %.
Source: Statistical Office of the Republic of Serbia (SORS)

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