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Analysis: Industrial producer prices trends in Serbia

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In April, the prices of industrial producer goods in Serbia saw a 1.3% increase compared to the same month last year, according to data released by the Statistical Office of the Republic of Serbia. Specifically, energy producer prices surged by 8.3%, while capital goods production became 6.4% more expensive. However, there was a two percent decrease in the production of intermediate goods.

Notably, the most significant price hike was observed in the extraction of oil and gas, which soared by 35.5%.

Interestingly, the data reveals an intriguing trend: while Serbia imports deflation, internal factors within the country contribute to inflation.

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For instance, industrial producer prices from imports saw a year-on-year decline of 2.6% in April, with a marginal 0.1% decrease compared to the previous month. Similarly, industrial producer prices for exports witnessed a 0.4% year-on-year decrease.

In contrast, prices of industrial producer goods for the domestic market saw a 2.6% increase. This trend persists not only in April but also in the first four months compared to the same period last year. During this timeframe, prices for imports and exports experienced a decline, while prices for the domestic market rose.

Analyzing product groups, a significant drop of 29.3% year-on-year was observed in agricultural chemical products, with footwear production also becoming two percent cheaper.

Conversely, prices for all other product groups experienced an increase, with clothing prices surging by 6.8%, fuel by 4.5%, and construction materials by 5.1%.

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It’s crucial to note that these observations pertain to industrial producer prices, distinct from retail prices.

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