Dairy products one of the main culprits of high inflation

The State Statistics Office published an analysis of price increases which showed that the year-on-year increase in food prices of 22.3 percent in the three quarters of this year was mostly due to an increase in the prices of dairy products, which rose by 33.9 percent.

 Vegetables are not far behind either, which price, in nine months of this year, rose by 32.6 percent year-on-year, while meat is 16.2 percent more expensive and bread and cereals 18.4 percent. In the same period, electricity prices went up by 21.3 percent and firewood by 26.3 percent year-on-year.

The analysis also shows that the year-on-year growth in the price of vegetables, which amounted to 32.6 percent in the three quarters of this year, is gradually slowing down compared to the first half of the year.

“Price growth is still mostly determined by the price of onions, potatoes (especially red), peppers, carrots and tomatoes, which form the core of vegetable price growth in the first three quarters of 2023, while garlic was the only vegetable which price had the deflationary impact,” RZS points out.

To remind, RZS forecasts that inflation in the fourth quarter of this year will amount to around 7 percent, and for the whole of 2023, around 12.6 percent.

Based on the model of the leading indicator of consumer prices (IPC RZS), the year-on-year price growth in the first quarter of 2024 is forecast to be around 5.3 percent.

(Biznis.rs, 22.12.2022)


This post is also available in: Italiano

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