Inflation Report

Inflation Report contains information on the current and expected inflation, analysis of underlying macroeconomic developments, explanation of the reasoning behind the decisions of the Executive Board and an assessment of the monetary policy efficiency as implemented during the previous quarter. Integral parts of this report are inflation projection for at least four quarters in advance, assumptions on which such projection is based and an analysis of the basic risks involved in achievement of target inflation.

Presentation of the Inflation Report - May 2012^*

Inflation Report - May 2012 (PDF)

Text boxes published in this issue:

Text box 1: Income and price conversion of Serbia and euro area countries
Text box 2: Impact of cold weather in February on economic and foreign trade activity

Text boxes published in the previous issues

Tables and Charts (XLS):

• II Monetary policy since the last report
• III Inflation developments
• IV.1 Inflation determinants - Money market developments
• IV.2 Inflation determinants - Movements in the foreign exchange market and the exchange rate
• IV.3 Inflation determinants - Aggregate demand
• IV.4 Inflation determinants - Economic activity
• IV.5 Inflation determinants - Labour market developments
• IV.6 Inflation determinants - International environment
• V Inflation projection
• Table A, B
• Text boxes - Tables and charts

Tables and charts (XLS) in previous issues

• February 2012
• November 2011
• August 2011
• May 2011
• February 2011
• November 2010
• August 2010
• May 2010
• February 2010
• November 2009

Tables and charts are available in XLS format as of November 2009.

_{* Disclaimer: The interpretation does not constitute an authentic record of proceedings.
The simultaneous interpretation of Inflation Report presentations by the National bank of Serbia serves only to facilitate communication amongst the participants in the press conference. It does not constitute an authentic record of proceedings.
Only the original speech or the revised written translation of that speech is authentic.
Where there is any difference between the simultaneous interpretation and the original speech (or the revised written translation of the speech), the original speech (or the revised written translation) takes precedence.
Unless expressly authorised by the National Bank of Serbia, the use of the recorded interpretation for any purpose other than that mentioned above is strictly prohibited.}