Serbia Inflation August 2022


Serbia: Inflation comes in at highest level since May 2011 in August

September 12, 2022

Inflation rose to 13.2% in August, which was up from July’s 12.8%. August's result was the highest inflation rate since May 2011 and was driven by a strong increase in food and non-alcoholic beverages, transport, housing, water, electricity, gas and other fuels, and restaurants and hotels.

The trend pointed up, with annual average inflation coming in at 9.3% in August (July: 8.6%). Meanwhile, harmonized inflation rose to 12.8% in August, from July’s 12.5%.

Lastly, consumer prices rose 1.20% in August over the previous month, above the 1.03% rise seen in July.

Analysts at the EIU added:

“Since mid-2021 headline inflation has accelerated sharply, amid soaring energy, food and raw material prices (buoyed by the war in Ukraine and ongoing global supply-chain frictions), firming services demand (after the lifting of coronavirus restrictions) and inflated base effects. […]  We expect inflation to moderate gradually from a peak in the third quarter, amid softer demand, diminishing base effects and a slight easing of supply-side constraints, but uncertainty will persist over the path of energy costs. We forecast average inflation of 110.8% in 2022 and 6.3% in 2023.”

FocusEconomics panelists see inflation averaging 10.4% in 2022. In 2023, our panelists project inflation to average 6.6%.


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Serbia Inflation Chart

Serbia Inflation August 2022

Note: Year-on-year and month-on-month variation of consumer prices in %.
Source: Statistical Office of the Republic of Serbia (SORS)

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