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 2013 to 2022.
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 falls to lowest level since January 2022 in October

Inflation fell to 8.5% in October from September’s 10.2%. October's result represented the lowest inflation rate since January 2022. The moderation was broad-based, with reduced price pressures recorded for food and non-alcoholic beverages, transportation, and housing and utilities. Moreover, prices for restaurants and hotels grew at a more subdued pace. Annual average inflation fell to 13.6% in October (September: 14.2%). Lastly, consumer prices increased 0.26% in October over the previous month, below September's 0.30% rise. October's result marked the lowest reading since July.

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.

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