Serbia Inflation January 2021


Serbia: Inflation cools in January

February 22, 2021

Consumer prices rose 0.60% month-on-month in January, up from December’s 0.10% increase. The print was driven by higher prices for food and non-alcoholic beverages; housing; recreation and culture; and, transportation.

Meanwhile, inflation cooled to 1.1% in January from 1.3% in December. Moreover, annual average inflation eased to 1.5% in January from 1.6% in the prior month. Lastly, harmonized inflation came in at 1.2% from 1.3% in December.

This year, price pressures should firm as the economy gradually reopens amid the rollout of a vaccination program, which so far has been relatively successful. However, inflationary forces are expected to remain manageable.

Tamara Basic Vasiljev, senior economist at Oxford Economics, added that “inflationary pressures should remain weak this year, allowing for continued monetary policy support.”

FocusEconomics panelists see inflation averaging 1.9% in 2021. In 2022, our panelists project inflation to average 2.4%.


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Serbia Inflation Chart

Serbia Inflation January 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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