The Ministry of Trade and Services stated that the first session of the government’s Committee for Monitoring Prices and Living Standards, headed by Minister Slobodan Milosavljevic, was held today.

The Committee analysed statistical data on economic indicators for the period from 2001 to 2008 and the first half of 2009, as well as the Eurostat statistical data up until July 16, 2009.

According to the data, the Committee concluded that prices in Serbia are lower than prices elsewhere in Europe, as the price level in Serbia stands at 58 out of a possible 100.

According to Eurostat, which monitors 36 countries, only prices in Bulgaria, Albania and Bosnia-Herzegovina are lower than in Serbia.

All the ministries are expected to draft reports on possible price increases in time for the Committee’s next session.

The Committee also agreed that there is a possibility of decreasing the price of natural gas and changing the existing formulae for determining the prices of oil and oil derivatives.

At today’s session it was agreed that there will not be major increases in the prices of food products, as well as that the price of public utilities must be reconsidered as soon as possible.

The Committee stated that the average net salary in Serbia during the 2001-2008 period increased by 439%, expressed in Euros it increased by 292% (from €102 in 2001 to €400 in 2008, and to €328 in May, 2009).

The average pension in the same period in Dinars went up by 371%, expressed in Euros the increase was 252% (from €69 in 2001 to €243 in 2008, and to €229 in May, 2009).

During the same period the value of the minimum consumer basket increased by 136%, expressed in Euros by 72%, while the value of the consumer basket in Dinars increased by 121%, or 62% in Euros.

In 2001, the minimum consumer basket required 1.45 average salaries, compared to 2008, when the number of required salaries was 0.64 or 0.76 in May 2009. In 2001, 2.42 average salaries were required, in 2008 this amounted to 0.99 average salaries and in May 2009, 1.18.

The Committee for Monitoring Prices and Living Standards was formed by a decision of the Serbian government on June 25, 2009.

The Committee is responsible for monitoring and analyzing the prices of goods and services which most affect living standards. The Committee makes a monthly analysis of the public purchasing power. It also monitors the market and proposes measures for removing any irregularities it notices.

The Committee includes representatives of the ministries of agriculture, labour, economy, energy, health and finance, as well as the representatives of the Serbian Statistical Office and the National Consumer Organization of Serbia.