Serbia Inflation December 2021


Serbia: Inflation rises further in December

January 12, 2022

Consumer prices rose 0.40% in December over the previous month, easing from the 0.92% rise recorded in November. Looking at the details of the release, the print reflected a notable drop in food and non-alcoholic beverages, and transport prices.

Inflation, meanwhile, rose to a 102-month high of 7.9% in December from November’s 7.5%. Consequently, annual average inflation rose to 4.1% in December from 3.5% in the prior month. Lastly, harmonized inflation rose to 7.9% in December from November’s 7.5%.

Mate Jelic, analyst at Erste Bank, added:

“The key question now is if prices have peaked? We expect inflation will remain on similar levels throughout 1Q22, with some relief coming in April. Looking at the contributions of recent inflationary pressures, they are likely to remain unchanged, hence still predominantly supply-side pressures. We expect CPI to average close to 5% y/y this year. The risks to our forecast are tilted mildly to the upside, due to uncertainty regarding the energy crisis and global supply chain normalization.”

FocusEconomics panelists see inflation averaging 4.5% in 2022. In 2023, our panelists project inflation to average 2.8%.


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Serbia Inflation Chart

Serbia Inflation December 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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