Serbia Inflation January 2018


Serbia: Inflation slows significantly in January

February 23, 2018

According to the Statistical Institute, consumer prices increased 0.3% from the previous month in January, up from a stagnant no-change in December. Increased prices for fresh vegetables, cable TV services, travel packages and petroleum products more than offset seasonally-cheaper clothes and footwear in January.

Largely due to a negative base effect, inflation decelerated from 3.0% in December to 1.9% in January, coming in at the bottom end of the Central Bank’s target range of 3.0% plus or minus 1.5 percentage points. Annual average inflation, meanwhile, slowed from 3.2% in December to 3.1% in January and core inflation—which excludes volatile items including energy, food, alcohol and cigarettes—ticked down from 1.3% in December to 1.2%.

The National Bank of Serbia’s inflation target for this year and next is 3.0% plus or minus 1.5 percentage points, and it expects inflation to move within this range until the end of 2019. FocusEconomics Consensus Forecast panelists expect inflation to average 2.9% in 2018, which is unchanged from last month’s forecast, before rising to 3.3% in 2019.

Author:, Economist

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Serbia Inflation Chart

Serbia Inflation January 2018 1

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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