Latest reading: Inflation ticked down to 4.0% in August from July’s 4.3%. August’s figure marked the lowest inflation rate since...
Inflation in Serbia
Consumer price inflation in Serbia averaged 4.2% in the ten years to 2024, in line with the South-Eastern Europe regional average of 15.2%. The 2024 average figure was 4.7%. For more information on inflation, visit our dedicated page.
Serbia Inflation Chart
Note: This chart displays Inflation Rate (CPI, annual variation in %) for Serbia from 2014 to 2024.
Source: Macrobond.
Serbia Inflation Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Inflation (CPI, ann. var. %, aop) | 1.6 | 4.1 | 12.0 | 12.4 | 4.7 |
| Inflation (CPI, ann. var. %, eop) | 1.3 | 7.9 | 15.1 | 7.6 | 4.3 |
| Inflation (Core, ann. var. %, aop) | 1.6 | 2.2 | 7.1 | 9.3 | 5.2 |
Inflation rises to over one-year high in July
Latest reading: Inflation edged up to 4.9% in July, slightly above June’s 4.6%. July's reading represented the highest inflation rate since April 2024, and marked the second successive month of inflation above the 1.5–4.5% Central Bank tolerance band. Looking at the details of the release, the increase was chiefly driven by a faster rise in prices for food and non-alcoholic beverages. Moreover, price pressures for housing and utilities intensified. Annual average inflation rose to 4.4% in July (June: 4.3%). Meanwhile, core inflation was unchanged, coming in at June's 4.7% in July. Lastly, consumer prices rose 0.66% from the previous month in July, which was below June's 0.88% rise.
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 21 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 info@focus-economics.com.
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