Serbia: Inflation rises in October to highest level since 2008

Inflation came in at 15.0% in October, up from September’s 14.0%. October's figure marked the highest inflation rate since the current series began in 2008. Higher prices were mainly driven by an acceleration in food prices.

Annual average inflation rose to 10.7% in October (September: 10.0%). Meanwhile, harmonized inflation rose to 14.6% in October, from September’s 13.6%.

Lastly, consumer prices increased 1.86% over the previous month in October, picking up from September´s 1.51% increase. October's result was the highest reading since October 2012.

Our panel forecasts inflation to average 7.8% in 2023, which is up 0.3 percentage points from last month’s forecast, and 4.0% in 2024.