The National Bank of Serbia (NBS) said on Tuesday that inflation stood at 8 percent in November which it said is lower than expected.
A press release said that the rise in the prices of food and “products and services within core inflation” had slowed and added that monthly inflation stood at 0.5% due to higher electricity and natural gas as well as cigarette prices.
“We expect y-o-y inflation to drop further in the coming period. After settling below 8% in December, it will continue down, returning within the target band in mid-2024. Such inflation trajectory will be supported by the effects of monetary tightening, a slowdown in imported inflation, and the anticipated further decline in inflation expectations,” the press release said.
On a year-on-year basis, the growth in energy prices in November was slightly lower than overall inflation and amounted to 7.7 percent. The prices of products and services within the base inflation, year-on-year, continued to slow down their growth, seven percent, while their monthly dynamics of 0.4 percent was determined by the seasonal increase in the price of footwear and clothing, as well as certain services.
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