Serbia central bank takes aim at food price volatility to bring inflation in line
Annual report on monetary policy says food prices are biggest driver of volatile inflation
The National Bank of Serbia is to work with the government to find measures that might reduce the volatility of agricultural commodity prices, due to the high level of influence food prices have on inflation, it says in its monetary policy report for 2013, published this week.
The report says that in 2013, as in 2012, "inflation movements were determined primarily by the prices of food", which accounted for 7.5 percentage points, or 71%, of the 10.6 percentage point fall in year-on-year inflation.
The NBS had to write to the government in June last year to explain why inflation was above the target tolerance band for the whole of H1 2013. It says it will work with the government on "measures that will help reduce the volatility of agricultural commodity prices, stabilise the food market and thus lower the fluctuations of headline inflation".
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