Serbian town in the winter

Serbia Inflation December 2021

Serbia: Inflation rises further in December

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.”

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