Chart 4 Inflation projection (y-o-y rates, in %)  10 9 8 7 6 5 4 3 2 1  0 -1 -2 9  12 2019  3  6  9  12 2020  3  6  9  12 2021  3  6  9  12 2022  3  6  9  Source: NBS.
As a response to global cost-push pressures being higher than anticipated and spilling over onto the local market, the National Bank of Serbia took steps towards reducing the degree of monetary policy accommodation in order to limit the growth of inflation expectations going forward and their spillover onto the prices of other products and services.