Core inflation in Serbia is lower than in the majority of countries in the region pursuing the same monetary policy regime, which is the reason why our tightening of monetary conditions in the prior period was more moderate than theirs.
Chart 5 CPI movements in selected CESEE countries (y-o-y rates, in %)  15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 0  13.8  14.2 12.8  12.4  10.3  9.6  8.3  7.7 5.5  Romania 1 3 2021  5  7  9 11 1 3 1 3 2022 2021  Inflation  5  Hungary  Czech Republic  7  5  9 11 1 3 1 3 2022 2021  Core inflation  7  9 11 1 3 1 3 2022 2021  Inflation target  Poland 5  7  9 11 1 3 1 3 2022 2021  Serbia 5  7  9 11 1 3 2022  Target tolerance band  Source: Central banks of selected countries.