the level from Q3 2008 as late as in Q2 2013, which is 18 quarters later. It is indisputable that the National Bank of Serbia cannot influence shocks from the international environment – it cannot eliminate supply halts in major world ports, nor can it establish balance or avert a rise in the global prices of oil and gas.
What the National Bank of Serbia, however, can influence and what it is profoundly committed to, together with the Government, is not to allow the creation of conditions that would lead to a more persistent acceleration of inflation, as was the case in the past, and not to allow the spillover of the food and energy price hike onto core inflation.