Inflation in Serbia

Serbia Inflation | Economic News & Forecasts

Serbia - Inflation

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.”

FocusEconomics panelists see inflation averaging 4.5% in 2022. In 2023, our panelists project inflation to average 2.8%.

Serbia - Inflation Data

2015   2016   2017   2018   2019  
Inflation Rate (CPI, annual variation in %)1.4  1.1  3.2  2.0  1.9  

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Serbia Inflation Chart


Serbia Inflation
Note: Inflation, annual variation of consumer price index (CPI) in % (aop).
Source: Statistical Office

Serbia Facts

Value Change Date
Bond Yield3.050.0 %Dec 31
Exchange Rate104.9-0.31 %Jan 01

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