Serbia's inflation quickens to 3.0% in 2017

Serbia's inflation quickens to 3.0% in 2017 Source: bibiphoto/shutterstock.com

BELGRADE (Serbia), January 12 (SeeNews) - Serbia's average annual consumer price inflation quickened to 3.0% in 2017 from 1.2% in 2016, the national statistical office said on Friday.

In December alone, Serbia's consumer prices rose by 3.0% year-on-year, after growing by 2.8% in November, the statistical office said in a monthly inflation report. 

On a monthly comparison basis, Serbia's consumer price index (CPI) remained unchanged in December.

Prices of housing and utilities rose 0.4% month-on-month in December, while prices of transport went up 0.3%.

In December, a 0.2% price increase on a monthly comparison basis was recorded in the sector of telecommunications, while prices of furniture and education grew 0.1% each.

Prices of clothing and footwear fell 0.6% month-on-month in December.

On Thursday, Serbia's central bank decided to keep its key repo rate unchanged at 3.5%.

The inflation rate will remain within the target band of 1.5%-4.5% in the short term, the central bank said. Inflation is likely to stand in the lower part of the target band in the first half of 2018, due to the low price base of petroleum products and other products which recorded one-off hikes in early 2017. The expected rise in domestic demand will work in the opposite direction, the central bank noted.

Author Radomir Ralev
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