Inflation in Serbia 1.4% in January 2017

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Inflation rate in Serbia stood at 1.4% in January 2017 while the retail prices in the same period went up by 2.4% compared to December 2016 – the Serbian Statistical Office has announced. In 2016, consumer prices grew by 2.4% on average relative to 2015.

Comparing January 2017 to December 2016, the prices of food and non-alcoholic drinks went up by 3.1%, alcoholic drinks and tobacco by 2.9%, transport services by 1.6%, communications by 0.5%, recreational and cultural services by 0.4%, and healthcare services by 0.3%.

 The prices of water, electricity, gas and other fuel, as well as prices at restaurants and hotels all grew by 0.2%. In contrast, the prices of clothes and footwear dropped by 1.1%. The prices of other products and services did not fluctuate much.

The governor of the National Bank of Serbia, Jorgovanka Tabakovic says that Serbia’s public debt would have dropped by 443.6 million EUR if the US dollar did not grow by 6.4% in the fourth quarter of 2016.  Additionally, she expects economic growth to accelerate to 3.0% this and 3.5% next year, driven, as so far, by investment and exports (which posted an exceptionally high growth rate in 2016). Household consumption is likely to provide an increasing contribution, mostly owing to the recovery in the labour market, Tabakovic adds.

“Inflation is expected to move within the target tolerance band as of early this year, on account of the effects of past monetary policy easing, the recovery of domestic demand and global oil prices, and a gradual rise in inflation abroad”, the governor concludes.

(eKapija, Politika, 23.02.2017)

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