January 12 (SeeNews) - Serbia's consumer prices rose by 7.9% year-on-year in December, after increasing by 7.5% the month before, the statistical office said on Wednesday.
Compared to the month before, Serbia's consumer price index (CPI) went up 0.4%, after rising by 0.9% in November, the statistical office said in a monthly inflation report.
Consumer prices increased by 4.0% on average last year compared with 2020.
In the final month of last year, the biggest price increase in annual terms was observed in transport (13.5%), food and non-alcoholic beverages (12.1%) and housing, water, electricity, gas and other fuels (7.4%).
According to the latest projection of Serbia's central bank, yearly inflation is likely to peak in December 2021 or January 2022 and to hover above the upper limit of bank's target band of 1.5% - 4.5% until mid-2022.
Serbia's financial and corporate sectors expect inflation to move within the target band of 1.5%-4.5% in the short and medium-term, the central bank said last month. One-year-ahead inflation expectations of both the financial sector and the corporate sector are for a 4% rise in prices, NBS said.