Corrects first paragraph figures to 3.5%-4.5% (3%-4% from 3%-4%, and to 4%-5.5% (3.5%-4.5%)

BELGRADE, (Reuters) – The conflict in Ukraine has caused the central bank of Serbia to reduce its growth projections for 2022 to 3%-4.5% from 3.5%-4.5%.

Inflation Report: The Bank stated that the bank could reduce its forecast if “geopolitical conditions” get worse.

According to the bank, rising prices for fuel, food, and commodities, both domestically and international, will result in slower than expected growth in manufacturing, construction, and “a lesser extent in services.”