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We intended to demonstrate that oil price can have a different pass-through effect into domestic prices at consumer and production levels subject to an oil dependency factor. The results were compared between oil importing and oil exporting countries. The nonlinear autoregressive distributed lags (NARDL) models were used to capture the asymmetric pass-through effects of oil price increases and decreases in consumer price and producer price respectively. Our results revealed that oil price changes can have asymmetric effect on CPI inflation directly and indirectly with more influential impact of indirect effect. This result holds for both groups of countries. The effect on producer price is much larger especially in oil importing group due to the high dependence of these countries on oil. Oil price changes did lead to increases in consumer prices in oil importing countries. This may due to effective monetary policy that enhances price stickiness in the economy. Key words: Inflation, Oil price, Asymmetric effects, Nonlinear ARDL models.JEL: C23, E31, Q43. Efekat prelivanja cene nafte na domacu inflaciju: dokaz na osnovu nelinearnih ARDL modela Namera nam je bila da pokažemo da cena nafte može imati drugaciji efekat prelivanja na domace cene na potrosackim i proizvodnim nivoima podložnim faktoru zavisnosti od nafte. Rezultati su upoređeni između zemalja uvoznica nafte i zemalja izvoznica nafte. Nelinearni autoregresivni modeli raspoređenih docnji (NARDL) korisceni su da bi se obuhvatili asimetricni transmisioni efekti povecanja cena nafte i smanjenja potrosackih i proizvođackih cena, respektivno. Nasi rezultati su pokazali da promene cena nafte mogu imati asimetricni efekat na indeks potrosackih cena (CPI) direktno i indirektno, uz znacajniji uticaj indirektnog efekta. Ovaj rezultat važi za obe grupe zemalja. Uticaj na cene proizvođaca je mnogo veci, posebno u grupi koja uvozi naftu, zbog velike zavisnosti ovih zemalja od nafte. Promene cena nafte dovele su do povecanja potrosackih cena u zemljama uvoznicama nafte. To može biti rezultat efektivne monetarne politike koja povecava lepljivost cena u ekonomiji.Kljucne reci: Inflacija, cena nafte, asimetricni efekti, nelinearni ARDL modeli.

Effect of oil price pass-through on domestic price inflation: Evidence from nonlinear ARDL models