The annual inflation rate in Serbia slowed to 2.4% in January 2026, compared to market expectations and the prior month's 2.7%. This marked the lowest reading since March 2021, with the Statistical Office of the Republic of Serbia starting to use the new International Classification of Individual Consumption by Purpose (COICOP) version 2 (COICOP2018) in the calculation of the Consumer Price Index (CPI) and the internationally comparable Harmonized Index of Consumer Prices (HICP). Consumer deflation continued for food and non-alcoholic beverages (-1% vs -0.9% in December), and prices slipped for transport (-0.4% vs 1.9%). Moreover, costs moderated for information and communication (1.1% vs 2.3%), health (5.7% vs 5.9%), and alcoholic beverages, tobacco, and narcotics (6.3% vs 6.4%). In contrast, prices increased at a faster pace for housing and utilities (8.5% vs 7.5%). On a monthly basis, consumer prices edged up to 0.3% from 0.1% in December 2025, matching market expectations. source: Statistical Office of the Republic of Serbia

Inflation Rate in Serbia decreased to 2.40 percent in January from 2.70 percent in December of 2025. Inflation Rate in Serbia averaged 5.74 percent from 2007 until 2026, reaching an all time high of 16.20 percent in March of 2023 and a record low of 0.10 percent in January of 2015. This page provides - Serbia Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Serbia Inflation Rate - data, historical chart, forecasts and calendar of releases - was last updated on February of 2026.

Inflation Rate in Serbia decreased to 2.40 percent in January from 2.70 percent in December of 2025. Inflation Rate in Serbia is expected to be 3.30 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Serbia Inflation Rate is projected to trend around 3.10 percent in 2027 and 3.00 percent in 2028, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-01-12 11:00 AM
Inflation Rate YoY
Dec 2.7% 2.8% 2.8%
2026-02-19 11:00 AM
Inflation Rate YoY
Jan 2.4% 2.7% 2.7% 2.7%
2026-03-12 11:00 AM
Inflation Rate YoY
Feb 2.4% 3.0%


Related Last Previous Unit Reference
CPI 100.80 100.50 points Jan 2026
CPI Housing Utilities 106.30 104.70 points Jan 2026
CPI Transportation 99.90 101.00 points Jan 2026
Food Inflation -1.02 -0.90 percent Jan 2026
Inflation Rate YoY 2.40 2.70 percent Jan 2026
Inflation Rate MoM 0.30 0.10 percent Jan 2026
PPI YoY -0.30 1.70 percent Jan 2026


Serbia Inflation Rate
In Serbia, the most important category in the Consumer Price Index is Food & Non-Alcoholic Beverages (31% of the total weight). Housing & Utilities accounts for 14%; Transport for 12%; Alcoholic Beverages, Tobacco & Narcotics for 7%; Communications for 6% and Recreation & Culture for 6%. The index also includes: Health (5%), Miscellaneous Goods & Services (5%), Furniture, Household Goods & Maintenance (4%), Clothing & Footwear (4%), Restaurants & Hotels (3%), and Education (2%).
Actual Previous Highest Lowest Dates Unit Frequency
2.40 2.70 16.20 0.10 2007 - 2026 percent Monthly
2006=100

News Stream
Serbia Inflation Rate Hits Near 5-Year Low
The annual inflation rate in Serbia slowed to 2.4% in January 2026, compared to market expectations and the prior month's 2.7%. This marked the lowest reading since March 2021, with the Statistical Office of the Republic of Serbia starting to use the new International Classification of Individual Consumption by Purpose (COICOP) version 2 (COICOP2018) in the calculation of the Consumer Price Index (CPI) and the internationally comparable Harmonized Index of Consumer Prices (HICP). Consumer deflation continued for food and non-alcoholic beverages (-1% vs -0.9% in December), and prices slipped for transport (-0.4% vs 1.9%). Moreover, costs moderated for information and communication (1.1% vs 2.3%), health (5.7% vs 5.9%), and alcoholic beverages, tobacco, and narcotics (6.3% vs 6.4%). In contrast, prices increased at a faster pace for housing and utilities (8.5% vs 7.5%). On a monthly basis, consumer prices edged up to 0.3% from 0.1% in December 2025, matching market expectations.
2026-02-19
Serbia Inflation Rate Lowest Since 2021
The annual inflation rate in Serbia edged down to 2.7% in December 2025 from 2.8% in the previous month. This marked the lowest reading since March 2021, mainly driven by ongoing deflation for food and non-alcoholic beverages, which dropped further by 0.9%, after a 0.7% fall in November. Additionally, inflation softened for clothing and footwear (2.2% vs 2.9%), furnishings, household equipment and maintenance (0.3% vs 0.7%), and transport (1.9% vs 2.6%). On the other hand, prices increased at a faster rate for alcoholic beverages, tobacco and narcotics (6.4% vs 4.9%) and recreational and cultural services (2.7% vs 2.4%). On a monthly basis, consumer prices rose modestly by 0.1% in December, following a 0.2% gain in the preceding period.
2026-01-12
Serbia Inflation Rate Steady in November
The annual inflation rate in Serbia stood at 2.8% in November 2025, unchanged from the previous month. It remained the lowest reading since April 2021, as prices declined for food and non-alcoholic beverages (-0.7% vs 0.3% in October) and slowed for clothing and footwear (2.9% vs 3.2%), furnishings, household equipment and routine household maintenance (0.7% vs 1.3%), and miscellaneous goods and services (4.3% vs 4.5%). Meanwhile, costs increased at a faster pace for housing and utilities (7.5% vs 7.2%), transport (2.6% vs 1.7%), alcoholic beverages and narcotics (4.9% vs 4.8%), health (5.6% vs 4.8%), communication (2.3% vs 1.4%), recreation and culture (4.5% vs 3.7%), and restaurants and hotels (6.9% vs 6.8%). On a monthly basis, consumer prices eased to 0.2% from 0.5% in October.
2025-12-12