The Serbian Statistical Office data show a 0.6% consumer price growth in January. Consistent with the National Bank of Serbia’s expectations, year-on-year inflation continued up, reaching 12.8%.The rise in the monthly inflation rate is largely attributable to the increase in food prices, notably prices of fresh seasonal vegetables. 

According to the National Bank of Serbia’s estimate, year-on-year inflation growth will extend over the next several months as a result of past and announced increases in administered prices and the low base effect. Year-on-year inflation is expected to head down as of the second quarter and to return within the target tolerance band by the end of the year (4±1.5%). Source; National Bank of Serbia