Serbia Inflation March 2021


Serbia: Inflation increases in March

April 15, 2021

Consumer prices rose 0.50% in March over the previous month, moderating from February's 0.60% increase. The slowdown was largely driven by slower growth in prices for food and non-alcoholic beverages. In addition, price pressures for housing and utilities also increased. In addition, prices for alcoholic beverages and tobacco dropped.

Inflation increased to 1.8% in March, from February’s 1.2%. Meanwhile, the trend pointed up mildly, with annual average inflation coming in at 1.5% in March (February: 1.4%). Harmonized inflation rose to 1.7% in March from 1.2% in February.

Commenting on the outlook, Mauro Giorgio Marrano, senior CEE economist at UniCredit, added:

“Inflation is likely to rise further, to 2.5% yoy, by May, […] driven by energy prices. It is likely to slow somewhat thereafter before increasing again to 2.2% by year-end. In 2022, it is likely to hover around 2.4%. Oil prices and supply disruptions present the main upside risks to this outlook.“

FocusEconomics panelists see inflation averaging 1.9% in 2021. In 2022, our panelists project inflation to average 2.3%.


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Serbia Inflation Chart

Serbia Inflation March 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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