Inflation movements in January 2017
According to the data of the Serbian Statistical Office, y-o-y inflation measured 2.4% in January, which is within the target tolerance band (3±1.5%). Consumer prices inched up by 1.4% from the month before.
Both monthly and y-o-y inflation movements were driven mainly by the low base and the effects of one-time factors – the increase in prices of cigarettes and petroleum products, and in particular the growth in fruit and vegetable prices, which was higher than usual for the season due to adverse weather conditions. Y-o-y core inflation (CPI excluding food, energy, alcohol and cigarettes) equalled 1.7% in January.
Under the central projection, in the period ahead inflation will remain low and stable and will move within the target tolerance band.