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2018/03/12 / Erste Group Research

RS Short Note, Serbia: February inflation landed at 1.5% y/y, lower end of NBS target band

The February 2018 CPI figure landed at 1.5% y/y, thus falling directly at the lower end of the NBS 3%+/-1.5pp target band. However, the lower yearly figures are, in our view, mostly a result of the high base effect and not of some structural slowdown, as most CPI components recorded a rise in prices. Despite weaker inflation figures, we see no need for additional monetary easing due to various factors indicating that current inflation developments are not a result of a lack of demand.

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General information

AuthorErste Group Research
Product nameCEE Country Update
Topic in focusFX, Macro/ Fixed income
Economy in focusSerbia
Currency in focusSerbian dinar
Sector in focus-


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