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A drop in food prices in Serbia is expected

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Year-on-year inflation in Serbia in October dropped to a single digit number and amounts to 8.5 percent, according to official data. According to experts, the reduction in inflation was largely contributed by the continued slowdown in food prices, as well as the prices of products and services within the base inflation.

The latest data published on November 12th on the website of the Republic of Serbia Statistics Institute show that consumer prices in October 2023, compared to October 2022, increased by 8.5 percent. The peak was recorded in March 2023, when consumer prices rose by 16 percent.

The record for price growth is still held by vegetables, which rose in price by 12.6 percent in one year.

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What do the statistics in the EU and Serbia show?

According to the latest statistical data from October, the highest increase in food prices in Europe was recorded by Turkey with 72 percent, followed by Iceland with 11.7 percent, and of all other European countries, Serbia was in third place with a 10.5 percent increase in food prices. Ukraine recorded the lowest growth – 2.6 percent.

According to Eurostat data, olive oil is 75 percent more expensive compared to January 2021 and the upward trend in its price continues to dominate.

Eggs are 37 percent more expensive in the EU in September this year than in January 2021, and the price has been slowly decreasing since August and September.

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