Serbian town in the winter

Serbia Inflation January 2022

Serbia: Inflation rises further in January

Consumer prices rose 0.80% in January over the previous month, increasing from the 0.40% rise recorded in November. Looking at the details of the release, the print reflected a drop in the price level for alcoholic beverages and tobacco, and housing, electricity, gas and other fuels.

Inflation, meanwhile, continued to rise and came in at 8.2% in January from December’s 7.9%. Consequently, annual average inflation rose to 4.7% in January from 4.1% in the prior month. Lastly, harmonized inflation rose to 8.3% in January from 7.9% in December.

Mate Jelic, analyst at Erste Bank, added:

“Similar readings are expected throughout the 1Q, with only gradual relief forecasted in 2Q, due to base effects. Unfortunately, due to heightened geopolitical tensions and decreased supply, crude oil prices have been on a steady rise since early December, coming close to the level of USD 100 per barrel, a level not seen since 2014. On the positive side, as infection rates are dropping worldwide, and more and more countries are lifting COVID restrictions a certain degree of normalization in supply chains is expected. Another key factor which will shape price developments going forward is the agricultural season.”

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