Inflation in Serbia
Serbia - Inflation
Inflation comes in at highest level since February 2013 in June
Consumer prices rose 1.62% from the previous month in June, coming in above the 1.24% increase recorded in May. The print came on the back of a steep rise in food and non-alcoholic beverages, and recreation and culture prices. Transport prices also rose at a quick pace.
Meanwhile, inflation rise from 10.4% in May to 11.9% in June, the highest reading since February 2013. The trend pointed up as annual average inflation rose to 7.8% in June from 17.1% in May. Lastly, harmonized inflation rose to 11.6% in June from May’s 10.4%; June’s reading marked the highest print since February 2013.
Mate Jelic, analyst at Erste Bank, added:
“Record print in June was more or less expected but the key question remains when will inflation peak. Using global commodity markets as a leading indicator, we can see sharp decreases in a variety of materials in the last 30 days. […] Uncertainty remains high as ECB seems committed to start tightening despite fears of decelerating growth. NBS on the other hand hinted on their last meeting they are thinking about more direct measures, other than key rate hikes, to combat inflation. Bottom line, we continue to think inflation will peak in 3Q22, albeit normalization of prices will be a very gradual process.”
FocusEconomics panelists see inflation averaging 8.5% in 2022. In 2023, our panelists project inflation to average 4.8%.
Serbia - Inflation Data
|Inflation Rate (CPI, annual variation in %)||1.4||1.1||3.2||2.0||1.9|
5 years of economic forecasts for more than 30 economic indicators.
Serbia Inflation Chart
Source: Statistical Office
|Bond Yield||3.05||0.0 %||Dec 31|
|Exchange Rate||104.9||-0.31 %||Jan 01|
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August 1, 2022
Industrial production growth eased to 3.7% year on year in June, down from May’s 8.7% increase.
July 27, 2022
Consumer prices rose 1.62% from the previous month in June, coming in above the 1.24% increase recorded in May.
July 7, 2022
At its 7 July meeting, the National Bank of Serbia (NBS) hiked the key policy rate by 25 basis points from 2.50% to 2.75%.
July 1, 2022
Industrial production growth jumped to 8.7% year on year in May, up from April’s 2.0% increase.
June 9, 2022
The National Bank of Serbia (NBS) delivered a 50 basis point rate hike at its 9 June meeting, bringing the key policy rate to 2.50%.