Serbia Inflation May 2022


Serbia: Inflation comes in at highest level since April 2013 in May

May 13, 2022

Consumer prices rose 1.20% from the previous month in May, coming in below the 1.50% increase recorded in April. The print reflected softer price increased for food and non-alcoholic beverages, and recreation and culture. On the other hand, prices for transportation jumped.

Meanwhile, inflation rise from 9.6% in April to 10.4% in May, the highest reading since April 2013. The trend pointed up as annual average inflation rose to 7.0% in May from 6.5% in April. Lastly, harmonized inflation rose to 10.4% in May from April’s 9.5%; April’s reading marked the highest print since April 2013.

Analysts at the EIU added:

“A gradual easing of some supply-side constraints and base effects should cause headline inflation to slow slightly from mid-year: we expect average inflation of 9% in 2022. Tighter monetary conditions and reversing base effects will slow inflation in 2023, but commodity prices and supply-side cost pressures will remain considerably stronger than in 201520. We forecast average annual inflation of 5.2% in 2023 and 3.1% per year in 202426, but stress the high degree of uncertainty.”

FocusEconomics panelists see inflation averaging 8.5% in 2022. In 2023, our panelists project inflation to average 4.8%.


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Serbia Inflation Chart

Serbia Inflation April 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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