Serbia Inflation March 2022


Serbia: Inflation comes in at highest level since June 2013 in March

April 14, 2022

Consumer prices rose 0.80% from the previous month in March, coming in below the 1.10% increase recorded in February. The print came on the back of falling prices across the board, with only prices for housing, water, electricity, gas and other fuels increasing.

Inflation increased to 9.1% in March from February’s 8.8%. March's figure represented the highest inflation rate since June 2013, and slightly overshot market analysts’ expectations of 9.0%. Meanwhile, the trend pointed up, with annual average inflation coming in at 5.9% in March (February: 5.3%). Finally, harmonized inflation jumped to 9.2% in March, from the previous month's 8.8%.

Mate Jelic, analyst at Erste Bank, added:

“Serbia's inflation outlook has deteriorated markedly due to commodity, food prices and supply-chain disruptions. Inflation is likely to average close to double-digit figures this year before gradually reverting towards the central bank's target range next year. […] We have revised our CPI forecast upwards, now expecting inflation to average 8.6% y/y and 5.8% y/y in 2022 and 2023 respectively, up from 7.2% y/y and 4.2% y/y”

FocusEconomics panelists see inflation averaging 7.2% in 2022. In 2023, our panelists project inflation to average 3.9%.


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Serbia Inflation Chart

Serbia Inflation March 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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