Serbia Inflation Slows to Over 4-Year Low

The annual inflation rate in Serbia rose by 3.3% in April 2026 from 2.8% in the previous month, surpassing market expectations of 3.1%. This marked the largest growth in eight months as deflation eased slightly in food and non-alcoholic beverages (-1.1% vs -1.2% in March). Additionally, costs increased for alcoholic beverages and tobacco (6.1% vs 5.9%), clothing and footwear (1.5% vs 1.4%), housing and utilities (9.2% vs 8.9%), health (7.5% vs 7.3%), transportation (6.3% vs 2.7%), recreation and culture (8.7% vs 8.6%), and restaurants and hotels (6.6% vs 6.3%). Meanwhile, price growth slowed for education (1.9% vs 2%), insurance and financial services (6.4% vs 7.4%), and miscellaneous goods and services (1.6% vs 2.5%). On a monthly basis, consumer prices increased by 0.8% in April, following a 0.5% gain in the previous two months.

The annual inflation rate in Serbia rose 2.8% in March 2026 from 2.5% in the previous month, slightly below market expectations of 2.9%. This marked the largest growth in four months as deflation in food and non-alcoholic beverages eased (-1.2% vs -2.3% in February). At the same time, costs increased for alcoholic beverages and tobacco (5.9% vs 4.3%), health (7.3% vs 6.3%), information and communication (1.3% vs 1.1%), and recreation and culture (8.6% vs 8.5%). Prices also recovered for transportation (2.7% vs -0.2%) and declined less for furnishings and household equipment (-0.1% vs -0.3%). Meanwhile, price growth eased for insurance and financial services (7.4% vs 7.6%), education (2% vs 2.2%), clothing and footwear (1.4% vs 1.5%), and housing utilities (8.9% vs 9.1%). On a monthly basis, consumer prices stood at 0.5% in March, unchanged from the preceding period.

The annual inflation rate in Serbia edged up to 2.5% in February 2026, from 2.4% in January, which had marked the lowest reading since March 2021, as the Statistical Office of the Republic of Serbia introduced changes to the CPI methodology, including the adoption of the COICOP classification. Consumer prices continued to decline for food and non-alcoholic beverages (-2.3% vs. -1.0% in January), while prices for transport also fell (-0.2% vs. -0.4%). Meanwhile, inflation eased for alcoholic beverages, tobacco, and narcotics (4.3% vs. 6.3%) and remained unchanged for communication (1.1% vs. 1.1%). On the other hand, price pressures strengthened for health (6.3% vs. 5.7%) and housing and utilities (9.1% vs. 8.5%). On a monthly basis, the CPI rose by 0.5% in February.