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Inflation Movements in May 2019

According to the data of the Serbian Statistical Office, consumer prices fell by 0.3% in May, chiefly on account of the seasonal decline in unprocessed food prices.

Consistent with expectations and earlier announcements of the NBS, y-o-y inflation fell to 2.2% in May, due to the base effect for vegetable prices. Core inflation (CPI excluding the prices of food, energy, alcohol and cigarettes) remained low and stable at 1.5% y-o-y.

According to the NBS central projection, y-o-y inflation will remain within the target band of 3.0%±1.5pp.

Governor’s Office