Video recordings, speeches, tables and charts from previous issues

Introductory speech by Governor Jorgovanka Tabaković at the presentation of the Inflation Report - February 2026

Inflation Report – February 2026

• II Monetary policy
• III Inflation developments
• IV.1 Inflation determinants - Financial market trends
• IV.2 Inflation determinants - Money and loans
• IV.3 Inflation determinants - Aggregate demand
• IV.4 Inflation determinants - Economic activity
• IV.5 Inflation determinants - Labour market developments
• V Projection
• Table A and B
• Text boxes - Tables and charts
• Executive Board meetings and changes in the key policy rate

Introductory speech by Vice Governor Željko Jović at the presentation of the Inflation Report – November 2025

Inflation Report – November 2025

• II Monetary policy
• III Inflation developments
• IV.1 Inflation determinants - Financial market trends
• IV.2 Inflation determinants - Money and loans
• IV.3 Inflation determinants - Aggregate demand
• IV.4 Inflation determinants - Economic activity
• IV.5 Inflation determinants - Labour market developments
• V Projection
• Table A and B
• Text boxes - Tables and charts
• Executive Board meetings and changes in the key policy rate

Introductory speech by Governor Jorgovanka Tabaković at the presentation of the Inflation Report – August 2025

Inflation Report – August 2025

Tables and charts (XLS):

• II Monetary policy
• III Inflation developments
• IV.1 Inflation determinants - Financial market trends
• IV.2 Inflation determinants - Money and loans
• IV.3 Inflation determinants - Aggregate demand
• IV.4 Inflation determinants - Economic activity
• IV.5 Inflation determinants - Labour market developments
• V Projection
• Table A and B
• Text boxes - Tables and charts
• Executive Board meetings and changes in the key policy rate

Introductory speech by Vice Governor Željko Jović at the presentation of the Inflation Report – May 2025

Inflation Report – May 2025

• II Monetary policy
• III Inflation developments
• IV.1 Inflation determinants - Financial market trends
• IV.2 Inflation determinants - Money and loans
• IV.3 Inflation determinants - Aggregate demand
• IV.4 Inflation determinants - Economic activity
• IV.5 Inflation determinants - Labour market developments
• V Projection
• Table A and B
• Text boxes - Tables and charts
• Executive Board meetings and changes in the key policy rate

Introductory speech by Vice Governor Željko Jović at the presentation of the Inflation Report – February 2025

Inflation Report – February 2025

• II Monetary policy
• III Inflation developments
• IV.1 Inflation determinants - Financial market trends
• IV.2 Inflation determinants - Money and loans
• IV.3 Inflation determinants - Aggregate demand
• IV.4 Inflation determinants - Economic activity
• IV.5 Inflation determinants - Labour market developments
• V Projection
• Table A and B
• Text boxes - Tables and charts
• Executive Board meetings and changes in the key policy rate

Introductory speech by Governor Jorgovanka Tabaković at the presentation of the Inflation Report – November 2024

Inflation Report – November 2024

• II Monetary policy
• III Inflation developments
• IV.1 Inflation determinants - Financial market trends
• IV.2 Inflation determinants - Money and loans
• IV.3 Inflation determinants - Aggregate demand
• IV.4 Inflation determinants - Economic activity
• IV.5 Inflation determinants - Labour market developments
• V Projection
• Table A and B
• Text boxes - Tables and charts
• Executive Board meetings and changes in the key policy rate

• II Monetary policy
• III Inflation developments
• IV.1 Inflation determinants - Financial market trends
• IV.2 Inflation determinants - Money and loans
• IV.3 Inflation determinants - Aggregate demand
• IV.4 Inflation determinants - Economic activity
• IV.5 Inflation determinants - Labour market developments
• V Projection
• Table A and B
• Text boxes - Tables and charts
• Executive Board meetings and changes in the key policy rate

Introductory speech by Governor Jorgovanka Tabaković at the presentation of the Inflation Report – May 2024

Inflation Report – May 2024

Tables and charts (XLS):

• II Monetary policy
• III Inflation developments
• IV.1 Inflation determinants - Financial market trends
• IV.2 Inflation determinants - Money and loans
• IV.3 Inflation determinants - Aggregate demand
• IV.4 Inflation determinants - Economic activity
• IV.5 Inflation determinants - Labour market developments
• V Projection
• Table A and B
• Text boxes - Tables and charts
• Executive Board meetings and changes in the key policy rate

Introductory speech by Governor Jorgovanka Tabaković at the presentation of the Inflation Report – February 2024

Inflation Report – February 2024

Tables and charts (XLS):

• II Monetary policy
• III Inflation developments
• IV.1 Inflation determinants - Financial market trends
• IV.2 Inflation determinants - Money and loans
• IV.3 Inflation determinants - Aggregate demand
• IV.4 Inflation determinants - Economic activity
• IV.5 Inflation determinants - Labour market developments
• V Projection
• Table A and B
• Text boxes - Tables and charts
• Executive Board meetings and changes in the key policy rate

Introductory speech by Governor Jorgovanka Tabaković at the presentation of the Inflation Report – November 2023

Inflation Report – November 2023

Tables and charts (XLS):

• II Monetary policy
• III Inflation developments
• IV.1 Inflation determinants - Financial market trends
• IV.2 Inflation determinants - Money and loans
• IV.3 Inflation determinants - Aggregate demand
• IV.4 Inflation determinants - Economic activity
• IV.5 Inflation determinants - Labour market developments
• V Projection
• Table A and B
• Text boxes - Tables and charts
• Executive Board meetings and changes in the key policy rate

Introductory speech by Governor Jorgovanka Tabaković at the presentation of the Inflation Report – August 2023

Tables and charts (XLS):

• II Monetary policy
• III Inflation developments
• IV.1 Inflation determinants - Financial market trends
• IV.2 Inflation determinants - Money and loans
• IV.3 Inflation determinants - Aggregate demand
• IV.4 Inflation determinants - Economic activity
• IV.5 Inflation determinants - Labour market developments
• V Projection
• Table A and B
• Text boxes - Tables and charts
• Executive Board meetings and changes in the key policy rate

Introductory speech by Vice Governor Željko Jović at the presentation of the Inflation Report – May 2023

Inflation Report – May 2023

Tables and charts (XLS):

• II Monetary policy
• III Inflation developments
• IV.1 Inflation determinants - Financial market trends
• IV.2 Inflation determinants - Money and loans
• IV.3 Inflation determinants - Aggregate demand
• IV.4 Inflation determinants - Economic activity
• IV.5 Inflation determinants - Labour market developments
• V Inflation projection
• Text boxes - Tables and charts
• Executive Board meetings and changes in the key policy rate
• Text boxes - Tables and charts

Introductory speech by Governor Jorgovanka Tabaković at the presentation of the Inflation Report – February 2023

Tables and charts (XLS):

• II Monetary policy
• III Inflation developments
• IV.1 Inflation determinants - Financial market trends
• IV.2 Inflation determinants - Money and loans
• IV.3 Inflation determinants - Aggregate demand
• IV.4 Inflation determinants - Economic activity
• IV.5 Inflation determinants - Labour market developments
• IV.6 Inflation determinants - International environment
• V Inflation projection
• V Projection assumptions
• V GDP projection
• Executive Board meetings and changes in the key policy rate
• Text boxes - Tables and charts

Introductory speech by Governor Jorgovanka Tabaković at the presentation of the Inflation Report – November 2022

Tables and charts (XLS):

• II Monetary policy
• III Inflation developments
• IV.1 Inflation determinants - Financial market trends
• IV.2 Inflation determinants - Money and loans
• IV.3 Inflation determinants - Aggregate demand
• IV.4 Inflation determinants - Economic activity
• IV.5 Inflation determinants - Labour market developments
• IV.6 Inflation determinants - International environment
• V Inflation projection
• V Projection assumptions
• V GDP projection
• Executive Board meetings and changes in the key policy rate
• Text boxes - Tables and charts

Introductory speech by Governor Jorgovanka Tabaković at the presentation of the Inflation Report – August 2022

Presentation by Governor Jorgovanka Tabaković

Presentation by Savo Jakovljević, General Manager, Economic Research and Statistics Department

Tables and charts (XLS):

• II Monetary policy
• III Inflation developments
• IV.1 Inflation determinants - Financial market trends
• IV.2 Inflation determinants - Money and loans
• IV.3 Inflation determinants - Aggregate demand
• IV.4 Inflation determinants - Economic activity
• IV.5 Inflation determinants - Labour market developments
• IV.6 Inflation determinants - International environment
• V Inflation projection
• V Projection assumptions
• V GDP projection
• Executive Board meetings and changes in the key policy rate
• Text boxes - Tables and charts

Introductory speech by Governor Jorgovanka Tabaković at the presentation of the Inflation Report – May 2022

Presentation by Governor Jorgovanka Tabaković

Presentation by Savo Jakovljević, General Manager, Economic Research and Statistics Department

Presentation by Milan Trajković, Deputy General Manager, Economic Research and Statistics Department

Tables and charts (XLS):

• II Monetary policy
• III Inflation developments
• IV.1 Inflation determinants - Financial market trends
• IV.2 Inflation determinants - Money and loans
• IV.3 Inflation determinants - Aggregate demand
• IV.4 Inflation determinants - Economic activity
• IV.5 Inflation determinants - Labour market developments
• IV.6 Inflation determinants - International environment
• V Inflation projection
• V Projection assumptions
• V GDP projection
• Executive Board meetings and changes in the key policy rate
• Text boxes - Tables and charts

Introductory speech by Governor Jorgovanka Tabaković at the presentation of the Inflation Report – February 2022

Speech by Savo Jakovljević, General Manager of the Economic Research and Statistics Department, at the presentation of the Inflation Report – February 2022

Tables and charts (XLS):

• III Inflation developments
• IV.1 Inflation determinants - Financial market trends
• IV.2 Inflation determinants - Money and loans
• IV.3 Inflation determinants - Aggregate demand
• IV.4 Inflation determinants - Economic activity
• IV.5 Inflation determinants - Labour market developments
• IV.6 Inflation determinants - International environment
• V Inflation projection
• V GDP projection
• Executive Board meetings and changes in the key policy rate
• Text boxes - Tables and charts

Introductory speech by Governor Jorgovanka Tabaković at the presentation of the Inflation Report – November 2021

Speech by Savo Jakovljević, General Manager of the Economic Research and Statistics Department, at the presentation of the Inflation Report – November 2021

Tables and charts (XLS):

• III Inflation developments
• IV.1 Inflation determinants - Financial market trends
• IV.2 Inflation determinants - Money and loans
• IV.3 Inflation determinants - Aggregate demand
• IV.4 Inflation determinants - Economic activity
• IV.5 Inflation determinants - Labour market developments
• IV.6 Inflation determinants - International environment
• V Inflation projection
• V GDP projection
• Executive Board meetings and changes in the key policy rate
• Text boxes - Tables and charts

Governor’s speech at the presentation of the Inflation Report – May 2021

Presentation of the Inflation report - May 2021

Tables and charts (XLS):

• II Monetary policy
• III Inflation developments
• IV.1 Inflation determinants - Financial market trends
• IV.2 Inflation determinants - Money and loans
• IV.3 Inflation determinants - Aggregate demand
• IV.4 Inflation determinants - Economic activity
• IV.5 Inflation determinants - Labour market developments
• IV.6 Inflation determinants - International environment
• V Inflation projection
• V GDP projection
• Executive Board meetings and changes in the key policy rate
• Text boxes - Tables and charts

Press release: NBS publishes February Inflation Report

Inflation Report – February 2021

Tables and charts (XLS):

• II Monetary policy
• III Inflation developments
• IV.1 Inflation determinants - Financial market trends
• IV.2 Inflation determinants - Money and loans
• IV.3 Inflation determinants - Aggregate demand
• IV.4 Inflation determinants - Economic activity
• IV.5 Inflation determinants - Labour market developments
• IV.6 Inflation determinants - International environment
• V Inflation projection
• V GDP projection
• Executive Board meetings and changes in the key policy rate
• Text boxes - Tables and charts

Press release: NBS publishes November Inflation Report

Inflation Report – November 2020

Tables and charts (XLS):

• II Monetary policy
• III Inflation developments
• IV.1 Inflation determinants - Financial market trends
• IV.2 Inflation determinants - Money and loans
• IV.4 Inflation determinants - Aggregate demand
• IV.5 Inflation determinants - Economic activity
• IV.6 Inflation determinants - Labour market developments
• IV.7 Inflation determinants - International environment
• V Inflation projection
• Executive Board Meetings and Changes in the Key Policy Rate
• Text boxes - Tables and charts

Press release: NBS publishes August Inflation Report

Inflation Report – August 2020

Tables and charts (XLS):

• III Inflation developments
• IV.1 Inflation determinants - Financial market trends
• IV.2 Inflation determinants - Money and loans
• IV.4 Inflation determinants - Aggregate demand
• IV.5 Inflation determinants - Economic activity
• IV.6 Inflation determinants - Labour market developments
• IV.7 Inflation determinants - International environment
• V Inflation projection
• Executive Board Meetings and Changes in the Key Policy Rate
• Text boxes - Tables and charts

Inflation Report – May 2020

Tables and Charts (XLS):

• III Inflation developments
• IV.1 Inflation determinants - Financial market trends
• IV.2 Inflation determinants - Money and loans
• IV.4 Inflation determinants - Aggregate demand
• IV.5 Inflation determinants - Economic activity
• IV.6 Inflation determinants - Labour market developments
• IV.7 Inflation determinants - International environment
• V Inflation projection
• Executive Board Meetings and Changes in the Key Policy Rate
• Text boxes - Tables and charts

Inflation Report – February 2020

Introductory Address by Governor Jorgovanka Tabaković at the Presentation of the Inflation Report – February 2020

Speech by Savo Jakovljević, General Manager of the Economic Research and Statistics Department, at the Presentation of the Inflation Report – February 2020

Tables and Charts (XLS):

• III Inflation developments
• IV.1 Inflation determinants - Financial market trends
• IV.2 Inflation determinants - Money and loans
• IV.4 Inflation determinants - Aggregate demand
• IV.5 Inflation determinants - Economic activity
• IV.6 Inflation determinants - Labour market developments
• IV.7 Inflation determinants - International environment
• V Inflation projection
• Executive Board Meetings and Changes in the Key Policy Rate
• Text boxes - Tables and charts

Inflation Report – November 2019

Opening Remarks by Governor Jorgovanka Tabaković at the Presentation of the Inflation Report – November 2019

Speech by Savo Jakovljević, General Manager of the Economic Research and Statistics Department, at the Presentation of the Inflation Report – November 2019

Tables and Charts (XLS):

• III Inflation developments
• IV.1 Inflation determinants - Financial market trends
• IV.2 Inflation determinants - Money and loans
• IV.3 Inflation determinants - Real estate market
• IV.4 Inflation determinants - Aggregate demand
• IV.5 Inflation determinants - Economic activity
• IV.6 Inflation determinants - Labour market developments
• IV.7 Inflation determinants - International environment
• V Inflation projection
• Executive Board Meetings and Changes in the Key Policy Rate
• Osvrti - Tables and charts

Inflation Report – August 2019

Opening Remarks by Vice-Governor Željko Jović at the Presentation of the Inflation Report – August 2019

Speech by Savo Jakovljević, General Manager of the Economic Research and Statistics Department, at the Presentation of the Inflation Report – August 2019

Tables and Charts (XLS):

• III Inflation developments
• IV.1 Inflation determinants - Financial market trends
• IV.2 Inflation determinants - Money and loans
• IV.3 Inflation determinants - Real estate market
• IV.4 Inflation determinants - Aggregate demand
• IV.5 Inflation determinants - Economic activity
• IV.6 Inflation determinants - Labour market developments
• IV.7 Inflation determinants - International environment
• V Inflation projection
• Executive Board Meetings and Changes in the Key Policy Rate
• Text boxes - Tables and charts
• Tables A and B

Inflation Report – May 2019

Opening Remarks by Governor Jorgovanka Tabaković at the Presentation of the Inflation Report – May 2019

Speech by Savo Jakovljević, Acting General Manager of the Economic Research and Statistics Department, at the Presentation of the Inflation Report – May 2019

Tables and Charts (XLS):

• III Inflation developments
• IV.1 Inflation determinants - Financial market trends
• IV.2 Inflation determinants - Money and loans
• IV.3 Inflation determinants - Real estate market
• IV.4 Inflation determinants - Aggregate demand
• IV.5 Inflation determinants - Economic activity
• IV.6 Inflation determinants - Labour market developments
• IV.7 Inflation determinants - International environment
• V Inflation projection
• Executive Board Meetings and Changes in the Key Policy Rate
• Text boxes - Tables and charts

Inflation Report – February 2019

Opening Remarks by Vice-Governor Željko Jović at the Presentation of the Inflation Report – February 2019

Speech by Savo Jakovljević, Acting General Manager of the Economic Research and Statistics Department, at the Presentation of the Inflation Report – February 2019

Speech by Nikola Dragašević, General Manager of the Monetary and Foreign Exchange Operations Department, at the Presentation of the Inflation Report – February 2019

Tables and Charts (XLS):

• III Inflation developments
• IV.1 Inflation determinants - Financial market trends
• IV.2 Inflation determinants - Money and loans
• IV.3 Inflation determinants - Real estate market
• IV.4 Inflation determinants - Aggregate demand
• IV.5 Inflation determinants - Economic activity
• IV.6 Inflation determinants - Labour market developments
• IV.7 Inflation determinants - International environment
• V Inflation projection
• Executive Board Meetings and Changes in the Key Policy Rate
• Text boxes - Tables and charts