Serbian town in the winter

Serbia Inflation

Serbia Inflation

Inflation in Serbia

Consumer price inflation in Serbia averaged 3.7% in the ten years to 2022, below the Eastern Europe regional average of 7.7%. The 2022 average figure was 12.0%. For more inflation information, visit our dedicated page.

Serbia Inflation Chart

Note: This chart displays Inflation Rate (CPI, annual variation in %) for Serbia from 2014 to 2023.
Source: Statistical Office Serbia.

Serbia Inflation Data

2018 2019 2020 2021 2022
Inflation (CPI, ann. var. %, aop) 2.0 1.8 1.6 4.1 12.0
Inflation (CPI, ann. var. %, eop) 2.0 1.8 1.3 7.9 15.1
Inflation (Core, ann. var. %, aop) 1.0 1.3 1.6 2.3 7.1

Inflation holds steady in April

Inflation was stable at March's 5.0% in April. Price pressures for textile products and recreation and culture softened, while prices for food and non-alcoholic beverages and transportation rose at quicker rates. The trend pointed down, with annual average inflation coming in at 8.9% in April (March: 9.8%). Meanwhile, core inflation edged down to 4.8% in April, from the previous month's 5.0%. Finally, consumer prices increased 0.66% in April over the previous month, accelerating from the 0.26% increase seen in March. April's result was the highest reading since June 2023.

Consensus Forecasts and Projections for the next ten years

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Serbian inflation projections for the next ten years from a panel of 23 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable inflation forecast available for Serbian inflation.

Download one of our sample reports to visualize what a Consensus Forecast is and see our Serbian inflation projections.

Want to get access to the full dataset of Serbian inflation forecasts? Send an email to

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