Serbia Inflation Eases to 4-Month Low

The annual inflation rate in Serbia eased to 2.7% in June 2026 from 3.5% in the previous month, well below market expectations of 3.6%. This marked the lowest reading since February, as deflation in food and non-alcoholic beverages deepened (-3.7% vs -1.5% in May). Price growth also moderated for transport (7.7% vs 8.4%), clothing and footwear (1.4% vs 1.5%), restaurants and accommodation services (6.2% vs 6.4%), and education (1.8% vs 1.9%). In contrast, inflation accelerated for alcoholic beverages and tobacco (5.2% vs 4.9%), furnishings, household equipment and routine household maintenance (0.8% vs 0.2%), and recreation, sport and culture (9.7% vs 8.7%), while remaining unchanged for housing and utilities (9.5%), health (7.6%), and information and communication (1.6%). On a monthly basis, consumer prices eased to 0.2% from 0.3% in May and marking the smallest increase since December 2025.

The annual inflation rate in Serbia rose by 3.5% in May 2026 from 3.3% in the previous month. The latest figure marked the largest growth since August 2025, lifted by higher costs in housing utilities (9.5% vs 9.2% in April), health (7.6% vs 7.5%), transportation (8.4% vs 6.3%), information and communication (1.6% vs 1.3%), and miscellaneous goods and services (2% vs 1.6%). At the same time, costs recovered in furnishings and household equipment (0.2% vs -0.3%), while price growth remained steady in recreation and culture (8.7%), education (1.9%), and clothing and footwear (1.5%). Meanwhile, prices moderated in insurance and financial services (5.5% vs 6.4%), restaurants and hotels (6.4% vs 6.6%), and alcoholic beverages and tobacco (4.9% vs 6.1%), while costs declined further in food and non-alcoholic beverages (-1.5% vs -1.1%). On a monthly basis, consumer prices grew by 0.3% in May, easing from a 0.8% gain in the preceding period.

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.