MAT: Inflation HIGHEST since 2013
Data on industrial production in Serbia for November 2021 are slightly better than the October data, because production increased by seven percent year-on-year, but this does not indicate the establishment of a growing trend, while the year-on-year inflation rate is the highest since 2013, according to the latest issue of the publication Makroekonomske analize i trendovi (Macroeconomic Analyses and Trends – MAT).
In November 2021, all basic categories of the consumer basket, food products, energy, non-food products, services became more expensive in Serbia, so inflation amounted to 7.5 percent and it was the highest since July 2013, when it amounted to 8.6 percent.
Serbia had lower year-on-year inflation than three European Union (EU) countries in October and compared to two EU countries in November 2021. Compared to Serbia, the year-on-year inflation was higher in Hungary, Estonia and Lithuania in October, and higher only in Estonia and Lithuania in November 2021.
Year-on-year inflation was 6.6 percent in Hungary, 6.8 percent in Estonia and 8.2 percent in Lithuania in October, and 8.6 percent in Estonia and 9.3 percent in Lithuania in November.
“The total industrial production in November 2021 increased by seven percent year-on-year, seasonally adjusted growth in that month was 0.8 percent, and the trend has had an average increase of 0.4 percent over the last three months. The reason for the higher spike in November is the high growth of production in the mining sector,” said the coordinator of the MAT research program, Stojan Stamenkovic.
He added that the seasonally adjusted growth of industrial production in November was insufficient to reach the values from the middle of the year.
According to Stamenkovic, since the middle of 2021 the trend of food industry production has been “anchored” below the average of the previous year and well below the value it had in the period from 2016 to 2019.