2021  2022  -15 -20 2009  2011  2013  2015  2017  2019  2021  Source: NBS. Ladies and gentlemen, dear colleagues, Let me repeat what I emphasised in the public many times before. Serbian inflation is currently determined by energy and food prices.
These are supply-side factors which can be impacted by monetary policy measures only slightly or not at all. The NBS cannot reduce the global price of oil or other energy products, nor can it impact the prices of all those agricultural products that are traded in commodity exchanges.