How much did the price of Serbian products go up and have there been any price declines?

Industrial products intended for both the domestic market and export were 1.2% more expensive at the end of June compared to December last year. The price increase was significantly higher, almost double (1.5%), for products intended for the domestic market compared to those sold abroad (0.8%), according to the State Statistical Office’s announcement.

In terms of purpose, the largest overall price increase for industrial products was in capital goods – 2.7%. This group mainly includes machines, equipment, and vehicles, as well as weapons and ammunition produced in our country.

Next were so-called durable consumer goods, with a price increase of 1.9% in the first half of this year (compared to December). These include household appliances, televisions, motorcycles and bicycles, furniture, jewelry, etc.

In third place for price increases were non-durable consumer goods, mostly food (meat, oil, milk, beverages, tobacco products…), but also clothing, medicines, cosmetics, and toys. All of these together became 1.2% more expensive compared to December. Alongside them are chemicals, paints, varnishes, fabrics, metal products, batteries, light bulbs, and other products known as intermediates, which increased by 1%.

At the bottom of the list is energy, which saw a 0.6% increase in price.

By sector, the highest price increase in industrial products was driven by mining with an overall increase of 12.8%, primarily due to crude oil and natural gas extraction – 20%, and metal ore exploitation – 15.6%.

Among the more significant price increases, water supply stands out, which became 7.6% more expensive for consumers compared to December.

On the other hand, wood processing recorded a price drop of 1.8%, as did paper, rubber and plastics production 1.6%, leather production 1.1%, and finally coke production 0.5%. These were also the only price decreases for industrial products from December to June.

When observing the first six months of this year compared to the same period last year, the price difference is almost negligible. Prices of industrial products increased by only 0.4%.

The State Statistical Office also singled out groups of products for the domestic market to provide an even more transparent view of price trends. Clothing buyers fared the worst, as prices increased by 8.2% from December to June, significantly standing out compared to others. The next highest price increases were in wooden furniture and electrical appliances, which became 2.6% and 2.5% more expensive, respectively, followed by materials used in construction at 1.9%. Footwear prices rose by 1.2%.

However, the prices of vehicles, whether motor vehicles, trailers, or working vehicles, did not change in the first six months of this year.

(Forbes Serbia, 09.07.2024)

This post is also available in: Italiano

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