Serbia Inflation October 2021


Serbia: Inflation comes in at highest level since August 2013 in October

November 12, 2021

Consumer prices rose 0.94% in October over the previous month, picking up from the 0.78% rise recorded in September. October's result was the highest reading since April. Looking at the details of the release, transportation prices rose in October after dropping in the previous month and price pressures for housing and utilities picked up pace.

Inflation came in at 6.6% in October, which was up from September’s 5.7%. October's figure represented the highest inflation rate since August 2013. Annual average inflation rose to 3.1% in October (September: 2.7%). Finally, harmonized inflation rose to 6.5% in October, from September’s 5.6%.

Analysts at the EIU added:

“Inflated energy-price base effects, surging food costs, pockets of post-restriction price growth and disruption to global supply chains have recently buoyed headline inflation […]. The influence of these mostly transitory factors will persist well into 2022, weighing on disposable incomes, before gradually diminishing. A pandemic-weakened labour market and a fairly stable dinar point to moderate, if firming, underlying price pressures.”

FocusEconomics panelists see inflation averaging 3.3% in 2022. In 2023, our panelists project inflation to average 2.8%.


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Serbia Inflation Chart

Serbia Inflation October 2021

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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