July brings 0.1 percent deflation - Statistical Office

July brings 0.1 percent deflation - Statistical Office

BELGRADE -- Retail prices of goods and services used for personal consumption in Serbia dropped 0.1 percent in July against the month before.

The data was released by the Statistical Office of the Republic of Serbia (RSZ) on Tuesday.

Year-on-year inflation (July 2014-July 2013) was 2.1 percent, and compared to December 2013, the prices of goods and services increased 1.8 percent.

Observed by main groups according to destination of consumption, the biggest month-on-month drop in prices could be seen in the following groups: food and non-alcoholic beverages (-1.6 pct), furnishings, household equipment and routine household maintenance (-0.7 pct), and clothing and footwear (-0.6 pct).

Prices have risen in the recreation and culture (4.6 pct), transport (0.7 pct), and housing, water, electricity, gas and other fuels (0.2 pct) groups.

Prices of other products and services remained mostly unchanged.

Consumer Price Index (CPI) is defined as a measure of average change of retail prices of goods and services used for personal consumption, the release said. The RSZ uses the international COICOP classification of consumer goods and services to organize the list of items for consumption.