NBS: 0.1 pct June inflation at lowest monthly level in 2024

BELGRADE - Quoting figures from the national statistical office, the National Bank of Serbia (NBS) said on Friday Serbian y-o-y inflation had slowed down to 3.8 pct in June, staying on the path projected by the central bank.

"The inflation slowdown is owed chiefly to the prices of food and petroleum products," the NBS said in a statement.

"Inflation came at 0.1 pct in June, this being its lowest monthly level in 2024, with divergent movement recorded by key consumer price components (core inflation, food and energy prices).

Within food, processed food prices edged up by 0.4 pct, similar to the monthly outturns since the beginning of the year, but this increase was offset by the decrease in fresh vegetable and meat prices. The contribution of food prices to headline inflation in June was neutral at both y-o-y and m-o-m level.

Under the impact of petroleum products’ cheapening (by 2.6 pct), energy prices declined at the monthly level for the first time this year (by 1.0 pct). Y-o-y, energy prices grew 6.2 pct in June.

Core inflation went up by 0.5 pct m-o-m, primarily due to the seasonal rise in the prices of travel packages, as well as catering services and rents. Y-o-y, core inflation measured 5.1 pct in June, staying close to the level recorded in the previous several months," it said.

"The NBS estimates that y-o-y inflation will continue to move within the target tolerance band in the period ahead (3.0±1.5 pct)," the NBS also said.