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Serbia's inflation soars to 17-month high in October

Inflation rose for the fifth consecutive month, accelerating to 8.9% during October from 7.7% in the previous month.

Year-on-year, prices of food and beverages grew 8.3%, while prices of alcoholic beverages and tobacco grew 14.7%.

Clothing and footwear prices increased 5.4%. During the month, costs of housing, water, electricity, gas and other fuels surged 11.1% annually, while transport cost were up 11.5%.

On a monthly basis, consumer prices increased 1% compared to 1.3% rise in the previous month. During the first ten months of the year, the consumer price index advanced 5.4% compared to the same period last year.

The price growth was largely driven by a sharp rise in food prices, according to the central bank. On Thursday, the bank raised its key policy rate for a third consecutive rate-setting session to tame rising inflation and to shield the impact of depreciation of dinar so far. The key policy rate was raised by 100 basis points to 10.5%.

November 10, 2010 (RTTNews)

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