The National Bank of Serbia (NBS) announced that the prices of food and non-alcoholic beverages recorded a "strong" monthly decline. Do consumers see it that way?
Government representatives claim that it is dinner of food items "strongly" fell.
National Bank of Serbia (NBS) she posted so that they appreciate of all food in the world is wasted and non-alcoholic beverages recorded a "strong monthly drop of 4,5 percent", all because of the Regulation limiting the trade margin to 20 percent.
It was stated that the prices of vegetables were reduced by 14,9 percent, and of fruits by 8,2 percent, while the prices of processed food were reduced by an average of three percent.
"Observed on a year-on-year basis, the growth in prices of food and non-alcoholic beverages in September slowed down considerably, to 1,7 percent," announced the NBS.
Economist Goran Radosavljević tells "Vreme" that the data published by the NBS show that inflation was significantly negative, -1,6 percent, which also led to a decrease in food prices, and he estimates that all of this is probably the result of the Regulation.
"From an economic point of view, the statistics say that this happened and that inflation compared to the previous month was significantly reduced," says Radosavljević.
Despite the fact that he does not often go on big purchases, he says that he noticed that they are in particular retail chains prices reduced, but the key question is in relation to which period they were reduced.
"Prices compared to June or July are probably reduced, but if we go back six months earlier, we will remember that prices have risen several times since the beginning of the year. How often they rose in the previous two or three years is not even worth mentioning," says Radosavljević.
He adds that there is currently an administrative reduction in prices and that it remains to be seen what the long-term effect will be, if there is any at all, noting that some prices have not been reduced.
"I'm not sure that there was a price reduction for all citizens and all products, but that measure was aimed exclusively at the prices of food products. However, for me, for example, the price of milk is incredibly high. Compared to Bosnia and Herzegovina milk is almost twice as expensive in Serbia," says Radosavljević.
Commenting on the statement of the Minister of Internal and Foreign Trade, Jagoda Lazarevic, that inflation at the lowest level since April 2021, Radosavljević reminds that this does not mean that life in Serbia is better than in April 2021.
"Every year, prices increase by three or four percent, and so on for years, so that one year they would rise by 'only' 2,5 percent. This does not mean that prices are lower, but that they have only increased less compared to previous years. In relation to 2021, the price of food has increased by between 45 and 50 percent in total, and in some product groups by more than 100 percent," says Radosavljević.
He emphasizes that prices will never return to the level of 2021 and cites as an example the price of diesel that after the pandemic covid cost about 150 dinars per liter, while now it is about 190 dinars per liter, although the price of oil is lower.
"Once prices rise, it is difficult to lower them significantly, because the market simply works that way - while there is demand, no one wants to lower prices, unless someone administratively forces traders to do so, as the state did in this case," concludes Radosavljević.
The Association for Consumer Protection "Efektiva" also responded to the NBS's allegations, so the representative of that association pointed out to Insider that the effect of limited margins was short-lived.
"Food prices in Serbia are still among the highest, perhaps the highest in Europe, when we take into account the standard of Serbian citizens. A month ago, for example, I had the opportunity to shop in North Macedonia. Soup that is sold in our country for 130 dinars, there it is 80, cheeses such as gouda and edamer, which you cannot buy here for under 1.300, 1.400 - 1.500 dinars, there regularly cost 650 to 700 dinars, toothpaste is one euro and that's 125 milliliters, here you can't even buy a 75 milliliter toothpaste for one euro," Gavrilović said.
Gavrilović mentioned the price of strudel, which is made in Serbia, as a special point of interest.
"Its regular price in North Macedonia is 100 dinars, here it is 135. These are some realistic prices and these are some expectations that consumers in Serbia have. And then we could talk about some statistical success, so that the citizens of Serbia can really feel it," said Gavrilović.
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