Macroeconomic Forecast Serbia

Serbia's retail price index grew by 11.6% y-o-y in May, down from 12.0% in April. Price growth moderated in agricultural products, manufactured non-food products and services to 32.0% y-o-y, 10.2% and 4.0% - down from 33.4% 11.3% and 4.9%, respectively in April. However, growth in food prices ensured that inflation remained elevated in May. Indeed, total food products and manufactured food products increased to 23.7% y-o-y and 21.8% respectively, up from 22.5% and 20.2% in April. Going forward, we forecast that inflation will moderate further, though remain elevated in 2008, with our year-end forecast set at 9.0%. In addition to

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