Kretanje cena u Srbiji 1862–1910.
The Price Fluctuation in Serbia 1862–1910

Summary/Abstract: This paper shows, for the first time, the index of consumer prices calculated for Serbia before the First World War. It covers the period from the year 1862 to 1910. It is based on the fixed Robert Allen’s consumer basket and price database from the Mijatovic and Milanovic paper. The result is a Laspeyres index. In the first period, until 1889, the long-term price increase did not exist, except for short-term fluctuations. This is when the significant price increase of 2,2% starts and lasts until 1910. The basic reason for this was the state’s sales taxation policy (expanding coverage and increasing excise and monopoly rates) and monetary policy (significant money emission). One of the reasons is also the decrease in the value of silver on the world market

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