Consumer price inflation in Serbia is at its highest level in eight years

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Consumer price inflation is at its highest level in eight years, but industrial producer prices are even higher and the question is to what extent they will spill over into retail prices.
According to the data of the Republic Bureau of Statistics from the report on producer price indices of industrial products, in November this year, compared to November last year, prices increased by 15 percent. Energy rose the most by 24.3 percent and raw materials by 19.4 percent. Producer prices of non-durable consumer goods rose by 8.6 percent, durable consumer goods by 5.7 percent and capital goods by 7.8 percent.
It is also interesting how the prices of industrial products for export and the domestic market moved. Year-on-year producer prices in November for the domestic market were significantly higher than export prices. For the domestic market, prices rose 16.7 percent, while for exports they increased 10.8 percent. The main difference is in the increase in the price of energy in domestic production by 25.6 percent, while the price in exports did not change, probably because we did not export energy in November.
In mining, the price of products obtained from the exploitation of oil and gas for the domestic market doubled (101 percent), while in exports, the price of metal ore increased by 45.9 percent.
The prices of the products of the processing industry were almost twice as high for the domestic as for the foreign markets, and the prices of petroleum products, which rose by 91%, contributed crucially to that.
Food prices up by 13.1%
The products of the food industry rose by 13.1 percent for domestic markets and 13.7 percent for exports. Processed wood was 12.8 percent more expensive in exports, and 10.4 percent more expensive for the domestic market. On the other hand, paper products rose by 18 percent on the domestic market, while export prices rose by 7.9 percent. In addition to petroleum products, the biggest jump in the prices of industrial products on the domestic market was recorded by base metal products as much as 65.3 percent. For exports, prices rose at an annual rate of 22.8 percent.
A significant jump in industry prices was recorded in chemical products, on the domestic market by 35.5 percent, and on exports by 36.2 percent.
In the case of rubber and plastic products, prices jumped significantly more for the domestic than for the export market, 23 to five percent. Also, the price of tobacco producers increased by 5.5 percent on the domestic market, while it decreased by 15 percent in exports, BiF reports.