Tabakovic: Inflation will return to the target range in May

We expect inflation to enter the target range already in May, whereas in the previous projection we expected its return to the target range in mid-2024, said the governor of the National Bank of Serbia, Jorgovanka Tabakovic, at the presentation of the Inflation Report.

- Inflation in Serbia continued to slow down this year, faster than we projected in February this year and a year ago, as well. Compared to the peak in March last year, total inflation in April this year was more than three times lower and amounted to 5%. Its further slowdown was largely contributed by the lower growth of food prices due to the relaxation of global cost pressures, which since February has been lower than the overall inflation level and in April was 2.9% year-on-year. A significant factor in the slowdown of overall inflation is the base inflation, which - thanks to 2 out of 10 effects of the previous monetary conditions tightening and lower import inflation in the same period - was reduced by 6.5 percentage points to 4.8% in April - Tabakovic said.

The NBS also increased the GDP growth projection for this year to 3.5%.

Narodna banka Srbije Beograd

Jorgovanka Tabakovic

Report on inflation

inflation

GDP growth