Serbian town in the winter

Serbia Inflation November 2021

Serbia: Inflation surges to over eight-year high in November

Consumer prices rose 0.92% in November over the previous month, easing slightly from the 0.94% rise recorded in October. Looking at the details of the release, the fractional cooling was driven by falling prices for alcoholic beverages and tobacco, and housing, water, electricity, gas and other fuels as well as declining prices for transportation offsetting a rise in food prices.

Inflation, meanwhile, rose to a 100-month high of 7.5% in November from September’s 6.6%. Consequently, annual average inflation rose to 3.5% in November from 3.1% in the prior month. Lastly, harmonized inflation rose to 7.5% in November from October’s 6.5%.

Mate Jelic, analyst at Erste Bank, added:

“Another record print was expected in November so we don’t expect any changes in the monetary course from the NBS. […] The current outlook still suggests this pressure to be of a more transitory character, although the overall intensity is higher than earlier projected. After averaging around 4% y/y this year, we expect inflation to accelerate to 4.8% next year on average, before coming down to 2.6% y/y in 2023. The risks to our forecast are tilted mildly to the upside, due to uncertainty regarding the energy crisis, global supply chain normalization and the possible emergence of demand-side pressures as well.”

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest