Serbia Inflation May 2021


Serbia: Inflation increases in May

June 11, 2021

Consumer prices rose 0.50% over the previous month in May, moderating from the 1.10% rise recorded in April. The cooling of price pressures was primarily driven by dropping prices for food and non-alcoholic beverages.

Inflation came in at 3.6% in May, which was up from April’s 2.8%. May's figure marked the highest inflation rate since April 2017. Meanwhile, the trend pointed up slightly, with annual average inflation coming in at 1.9% in May (April: 1.7%). Lastly, harmonized inflation rose to 3.5% in May, from the previous month's 2.6%.

Analysts at The EIU commented:

“Aggregate demand and commodity prices will firm in 2021-22 amid a rebound in activity and a mild global reflationary trend. Inflated base effects in energy and food prices, as well as temporary disruption to global supply chains, will drive fluctuations in headline inflation this year. However, a weakened labour market and subdued inflation expectations among domestic price-setters point to modest underlying price pressures.”

FocusEconomics panelists see inflation averaging 2.2% in 2021. In 2022, our panelists project inflation to average 2.4%.


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Serbia Inflation Chart

Serbia Inflation May 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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